Subsequent Events and Their Importance in Drawing Up Annual Financial Statements

Botez, Daniel

doi:10.29358/sceco.v0i19.241

Cited by 2 publications

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“…The Romanian authors who studied the themes of subsequent events were more concerned with the practical aspects and formulated opinions to clarify the application of standards and regulations in the field. Botez (2014) believes that the responsibility to adjust the financial statements by highlighting the impact of subsequent events was primarily the entity's leadership. The author also specifies that the entity does not have to prepare the set of financial statements based on the principle of continuity activity as long as this hypothesis was not suitable.…”

Section: Literature Reviewmentioning

confidence: 99%

Reporting of subsequent events in financial statements – between obligation and necessity

Haţegan¹,

Crucean²

2018

AUDITF

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The article aims to highlight the importance of reporting of subsequent events in financial statements, the factors that influence their reporting and the implication in statutory audit. The purpose of the article is to research the theoretical and legal basis which regulates the accounting and audit of subsequent events, but also research practical cases on this subject. The case study was based on the study of the 62 companies, listed on the Bucharest Stock Exchange, from which were analyzed the financial statements and the independent auditor"s reports, grouping the subsequent events which was found, depending on their type and the domain in which that company operates, and were compared the types of events that occurred in each domain of activity. From empirical research resulted that reporting of subsequent events can be influenced by various factors such as: the auditor"s category, the audit opinion, the performance and the size of company. The main conclusion which resulted from the study case is that the subsequent events are more frequent presented in financial statements of an entity, influencing in some cases the auditor"s opinion related to these financial statements.

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Section: Literature Reviewmentioning

confidence: 99%

Reporting of subsequent events in financial statements – between obligation and necessity

Haţegan¹,

Crucean²

2018

AUDITF

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Auditing Subsequent Events from the Perspective of Auditors: Study from Jordan

Nawaiseh

Jaber²

2015

International Journal of Financial Research

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The study aims to identify to what extent auditors in Jordan comply with the requirements of the International Standard of Auditing No. 560, "Subsequent Events."The Researcher in the study used the descriptive approach and the analytical approach, through a questionnaire developed for the same purpose, and aims to answer the questions of the study, and to test hypotheses depending on a sample of (62) auditors working in auditing offices, they were selected randomly . The sample represents (32.8%) of the study population that consists of (189) auditing offices.The study shows that the auditors in Jordan comply with the requirements of the auditing standard No. (560) in auditing subsequent events in the period between the balance sheet date and the date of auditing report. They did not comply with the requirements of this standard after that date. The study shows also that the personal characteristics of the auditors (speciality, experience, CPA exams, and training) did not have statistically significant effects on their awareness of the importance of compliance with the requirements of this standard.The study recommends offices and auditing firms and the Association of Auditors to take care of training their auditors and employ only members who pass the CPA exam.

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Subsequent Events and Their Importance in Drawing Up Annual Financial Statements

Abstract: Abstract

Cited by 2 publications

References 0 publications

Reporting of subsequent events in financial statements – between obligation and necessity

Reporting of subsequent events in financial statements – between obligation and necessity

Auditing Subsequent Events from the Perspective of Auditors: Study from Jordan

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