Questions Requiring Analysis: 16″�31 The auditor’s opinion on the fairness of financial statements may be affected by subsequent events. Required: – Define what is commonly referred to in auditing as a subsequent event, and describe the two general types of subsequent events. – Identify those auditing procedures that the auditor should apply at or near the completion of fieldwork to disclose significant subsequent events. Questions Requiring Analysis: 16″�35 Required: – Using the iron curtain approach, describe how Tanner would consider whether an adjustment is required. – Using the rollover approach, describe how Tanner would consider whether an adjustment is required. – Describe what SEC Staff Accounting Bulletin No. 108 requires in this situation. Questions Requiring Analysis: 17″�24 While performing your audit of Williams Paper Company, you discover evidence that indicates that Williams may not have the ability to continue as a going concern. – Discuss types of information that may indicate substantial doubt about a client’s ability to remain a going concern. – Explain the auditors’ obligation in such situations. Objective Questions: 17″�26
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