1 statements of Taylor Corporation for the year ended December 31, 2015. Namiki
ID: 2529938 • Letter: 1
Question
1 statements of Taylor Corporation for the year ended December 31, 2015. Namiki plans to complete the fieldwork and sign the auditor's report about March 10, 2016. Namiki is concerned about events and transactions occurring after December 31, 2015, that may affect the 2015 financial statements Required: a. What general types of subsequent events require Namiki's consideration and evaluation? b What auditing procedures should Namiki consider performing to gather evidence concerning subsequent events?Explanation / Answer
What general types of subsequent events require Namiki’s consideration and evaluation?
There are two types of subsequent events
What audit procedures should namiki consider performing to gather evidence concerning subsequent events?
The auditor should specifically design and perform audit procedures to obtain appropriate and sufficient audit evidence that all events up to the date of issue of auditor report may require disclosure or adjustment in financial statements have been identified.
The auditor required to perform following audit procedures:
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