Auditing and Assurance Standards and Guidance

Auditing Standards (Ireland)

FRC ISAs (UK and Ireland) applicable for periods beginning on or after 15 December 2010 but before 17 June 2016

ISA (UK and Ireland) 560 Subsequent events

Application and Other Explanatory Material

Events Occurring between the Date of the Financial Statements and the Date of the Auditor's Report (Ref: Para. 6-9)

Inquiry (Ref. Para. 7(b))

A9.

In inquiring of management and, where appropriate, those charged with governance, as to whether any subsequent events have occurred that might affect the financial statements, the auditor may inquire as to the current status of items that were accounted for on the basis of preliminary or inconclusive data and may make specific inquiries about the following matters:

Whether new commitments, borrowings or guarantees have been entered into.

Whether sales or acquisitions of assets have occurred or are planned.

Whether there have been increases in capital or issuance of debt instruments, such as the issue of new shares or debentures, or an agreement to merge or liquidate has been made or is planned.

Whether any assets have been appropriated by government or destroyed, for example, by fire or flood.

Whether there have been any developments regarding contingencies.

Whether any unusual accounting adjustments have been made or are contemplated.

Whether any events have occurred or are likely to occur that will bring into question the appropriateness of accounting policies used in the financial statements, as would be the case, for example, if such events call into question the validity of the going concern assumption.

Whether any events have occurred that are relevant to the measurement of estimates or provisions made in the financial statements.

Whether any events have occurred that are relevant to the recoverability of assets.

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