Post audit responsibilities include the consideration of the following:
- Subsequent events occurring between the date and the issuance of the auditor’s report.
- The discovery of existing facts.
- The discovery of omitted procedures.
Subsequent Events between Date and Issuance of Report
A time interval of one to three weeks typically elapses between the end of the field work and the issuance of the audit report. Dating of the independent auditor’s report states that the auditor has no responsibility to make any inquiries or to perform any auditing procedures during this period to discover any material subsequent events.
Alternatively the auditor may use dual dating in the audit report. Under this course of action the original date is retained except for the dating of the subsequent event. Dual dating is the most common practice because redacting of the entire report extends the auditors overall responsibility beyond completion of failed work under redacting the auditor should extend the subsequent events review procedures to the letter date.
Discovery of the Facts Existing at Report Date
The auditor has no responsibility for the post audit of facts existing at the date of the audit report. Subsequent discovery of facts existing at the date of the auditor’s report indicates that (a) The auditor becomes aware of such facts and (b) the facts may have affected the report that was issued the auditor is required to ascertain the reliability of the information.
Discovery of Omitted Procedure
After the date of the audit report, the auditor may conclude that one or more auditing procedures considered necessary in the circumstances was omitted from the audit. Auditor standard do not require the auditor to conduct any post audit review from a post-engagement review performed during a firm’s quality control inspection program or during an outside peer review.
You May Like Also:
- Designing audit tests of controls
- Relationship between test controls and assessing control risk
- Using the work of internal auditors in test of controls
- Additional Considerations in Assessing Control Risk
- What is auditor’s certificate with sample
- Difference between audit report and audit certificate
- Advantages of Cost Audit
- Annexure to Cost Audit Report
- Auditing glossary and abbreviation