L19 Notes_Part_12 - Legal Case: Yale Express Subsequent...

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If the answer to all of these questions is yes, the auditors must act to prevent future reliance on the audit report. With regard to this information, auditors should determine: - did the information exist at the report date? - is this information reliable? - would the audit report have been different if the informa- tion had been available prior to the report date? - are persons still relying on the audit report? Subsequent Discovery of Fact
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Unformatted text preview: Legal Case: Yale Express Subsequent Discovery of Fact If four responses are yes, what do you do? 1. inform client who should issue revision and inform SEC 2. if next periods audited F/s will be distributed soon, wait 3. if revision cannot be issued expeditiously, the client should notify users What happens if the client refuses? 1. Inform the Board of Directors and regulatory agencies 2. request SEC and stock exchange to notify stockholders...
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

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L19 Notes_Part_12 - Legal Case: Yale Express Subsequent...

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