SUBSEQUENT EVENT
A. 決算後に発覚しますが、Financial StatementsがIssueされる前の出来事です。
Subsequent Period：決算日の翌日から、監査報告書の日付までです。
Type 1 Conditions did exist on balance
sheet dateで、Eventが発生したのは決算を過ぎてから ⇒ Adjust financial statements修正をかけなければいけません。
例）ABC社に対して、X1年の10月に訴訟が起こされました。弁護士によると「Reasonably possible that we lose 1億円」。Probableなら仕訳を切らなければいけませんが、Reasonably PossibleなのでDiscloseします。12月31日の決算をまたいで、1月の第３週に相手と7千万円で和解しました。修正して7千万円で仕訳を切らなければいけません。決算をまたいで引きずるのがType 1です。
Tyep
2
Type 2. は引きずりません。Conditions did not exist on
balance sheet date。なので修正仕訳は不要です。ただし、金額が大きい場合、Disclosure
may be required。決算が終わった1月7日に火災が発生して10億円のロスが出ました、というのがType 2です。
(1) Casualty loss
(2) Purchase or
sale of business component ビジネスの売却、M&A
(3) Issue stock or
debt 増資、Bond Issuance
Dual Dating of
Audit Report
監査報告書の日付までしか監査人は責任を持ちませんが、監査報告書のDisclosureのNote（Note
B、Note Xなど）に日付が入っている場合、Dual Datingといって、Noteに書かれている事柄については、Noteに書かれている日付まで責任を持ちます。
SUBSEQUENT DISCOVERY OF FACT
監査報告書をIssueした後に密告がありました。その情報を吟味した結果、これはヤバいなと大きな粉飾の可能性があった場合、調査をして、それが本当であれば、Request client to issue revised F/S and issue new audit report新しい監査報告書を作成します。
監査人が直したいといっているのにIf client does not issue revised F/Sクライアントが拒否した場合、
a. Notify client
that audit report may no longer be associated with F/S
もうこの監査報告書については財務諸表をattachして色んな人に見せたりしないでください、告げ口しますよ、とクライアントに言います。
b. Notify
regulatory agencies
c. Notify those
that auditor knows are relying on F/S
COMPONENT AUDITOR
大きなグループ企業の場合、連結で本社はEY、子会社はPWCと監査人が違う場合があります。その時、本社の監査人はグループ会社の監査の責任も負うべきか考えます。負わないのであれば、Division of responsibilityになり、監査報告書の一部が変わります。
Modify three
portions of report
a. Auditor’s
Responsibility
b. Opinion
c. Emphasis of
Matter
一応、子会社の監査人のIndependenceや評判は聞いておかなければいけません。
the magnitude
of portion covered by component auditor（子会社が連結で占める売り上げ等の割合Impact）をAuditor’s
Responsibilityパラグラフの終わりの方に入れておかなければいけません。
子会社の監査の責任も負うのであれば、Assume Responsibilityになるので、監査報告書には一切Referenceしません。
一応、子会社の監査人のWork
PaperもReviewします。
Report
Indicating Division of Responsibility
Independent Auditor’s Report
Address
Report on the Consolidated Financial
Statements (subtitle optional)
We
have audited the accompanying consolidated financial statements of XYZ Company
and its subsidiaries, which comprise the consolidated balance sheet as of
December 31, year 1, and the related consolidated statements of income, changes
in stockholders’ equity, and cash flows for the year then ended, and the
related notes to the financial statements.
Management’s Responsibility for the
Financial Statements
Management
is responsible for the preparation and fair presentation of these consolidated
financial statements in accordance with accounting principles generally
accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation
and fair presentation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our
responsibility is to express an opinion on these financial statements based on
our audits. We did not audit the financial statements of XX Company, a
wholly-owned subsidiary, which statements reflect total assets
constituting 20 percent of consolidated total assets at December 31, year
1, and total revenues constituting 18 percent of consolidated total revenues
for the year then ended. Those statements were audited by other auditors. We
conducted our audit in accordance with auditing standards generally accepted in
the United States of America. These standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An
audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the financial statements. The procedures selected depend on
the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the
entity’s preparation and fair presentation of the financial statements in order
to design the audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
entity’s internal control. Accordingly,
we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements. We did not audit the
financial statements of XX Company, a wholly-owned subsidiary whose assets and
revenues constitute $X and $Y, respectively, of the related consolidated
totals. Those statements were audited by other auditors whose report has
been furnished to us.
We
believe that the audit evidence we have obtained and the report of the other
auditors are sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, based on our audit
and the report of the other auditors, the consolidated financial statements
referred to above present fairly, in all material respects, the financial
position of XYZ Company and its subsidiaries as of December 31, year 1, and the
results of their operations and their cash flows for the year then ended in
accordance with accounting principles generally accepted in the United States
of America.
Auditor’s Signature, Auditor’s City
& State, Date
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