5. Audit Reports ５

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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