The auditor shall perform audit procedures designed to obtain sufficient appropriate audit evidence that all events occurring between the date of the financial report and the date of the auditor’s report that require adjustment of, or disclosure in, the financial report have been identified.  The auditor is not, however, expected to perform additional audit procedures on matters to which previously applied audit procedures have provided satisfactory conclusions.  (Ref: Para. A6)

The auditor shall perform the procedures required by paragraph 6 of this Auditing Standard so that they cover the period from the date of the financial report to the date of the auditor’s report, or as near as practicable thereto.  The auditor shall take into account the auditor’s risk assessment in determining the nature and extent of such audit procedures, which shall include the following: (Ref: Para. A7‑A8)

1. Obtaining an understanding of any procedures management has established to ensure that subsequent events are identified.
2. Enquiring of management and, where appropriate, those charged with governance, as to whether any subsequent events have occurred which might affect the financial report.  (Ref: Para. A9)
3. Reading minutes, if any, of the meetings, of the entity’s owners, management and those charged with governance, that have been held after the date of the financial report and enquiring about matters discussed at any such meetings for which minutes are not yet available.  (Ref: Para. A10)
4. Reading the entity’s latest subsequent interim financial report, if any. 

If, as a result of the procedures performed as required by paragraphs 6 and 7 of this Auditing Standard, the auditor identifies events that require adjustment of, or disclosure in, the financial report, the auditor shall determine whether each such event is appropriately reflected in that financial report in accordance with the applicable financial reporting framework.

Written Representations

The auditor shall request management and, where appropriate, those charged with governance, to provide a written representation in accordance with ASA 580^[4] that all events occurring subsequent to the date of the financial report and for which the applicable financial reporting framework requires adjustment or disclosure have been adjusted or disclosed.

The auditor has no obligation to perform any audit procedures regarding the financial report after the date of the auditor’s report.  However, if, after the date of the auditor’s report but before the date the financial report is issued, a fact becomes known to the auditor that, had it been known to the auditor at the date of the auditor’s report, may have caused the auditor to amend the auditor’s report, the auditor shall: (Ref: Para. A11-A12)

1. Discuss the matter with management and, where appropriate, those charged with governance.
2. Determine whether the financial report needs amendment; and if so,
3. Enquire how management intends to address the matter in the financial report.

If management amends the financial report, the auditor shall:

1. Carry out the audit procedures necessary in the circumstances on the amendment. 
2. Unless the circumstances in paragraph 12 of this Auditing Standard apply:
   1. Extend the audit procedures referred to in paragraphs 6 and 7 of this Auditing Standard to the date of the new auditor’s report; and
   2. Provide a new auditor’s report on the amended financial report.  The new auditor’s report shall not be dated earlier than the date of approval of the amended financial report. 

Where law, regulation or the financial reporting framework does not prohibit management from restricting the amendment of the financial report to the effects of the subsequent event, or events causing that amendment, and those responsible for approving the financial report are not prohibited from restricting their approval to that amendment, the auditor is permitted to restrict the audit procedures on subsequent events required in paragraph 11(b)(i) of this Auditing Standard to that amendment.  In such cases, the auditor shall either:

1. Amend the auditor’s report to include an additional date restricted to that amendment that thereby indicates that the auditor’s procedures on subsequent events are restricted solely to the amendment of the financial report described in the relevant note to the financial report; or (Ref: Para. A12-A13)
2. Provide a new or amended auditor’s report that includes a statement in an Emphasis of Matter paragraph^[5] or Other Matter paragraph that conveys that the auditor’s procedures on subsequent events are restricted solely to the amendment of the financial report as described in the relevant note to the financial report.

For an audit engagement conducted under the Corporations Act 2001, management, and those charged with governance, are prohibited from restricting an amendment of the financial report to the effects of the subsequent event or events causing that amendment.  Consequently, the auditor is prohibited from restricting audit procedures as required under paragraph 11(b)(i) of this Auditing Standard to such an amendment. 

In some jurisdictions, management may not be required by law, regulation or the financial reporting framework to issue an amended financial report and, accordingly, the auditor need not provide an amended or new auditor’s report.  However, if management does not amend the financial report in circumstances where the auditor believes it needs to be amended, then: (Ref: Para. A14‑A15)

1. If the auditor’s report has not yet been provided to the entity, the auditor shall modify the opinion as required by ASA 705^[6] and then provide the auditor’s report; or
2. If the auditor’s report has already been provided to the entity, the auditor shall notify management and, unless all of those charged with governance are involved in managing the entity, those charged with governance, not to issue the financial report to third parties before the necessary amendments have been made.  If the financial report is nevertheless subsequently issued without the necessary amendments, the auditor shall take appropriate action, to seek to prevent reliance on the auditor’s report.  (Ref. Para: A16‑A17)

After the financial report has been issued, the auditor has no obligation to perform any audit procedures regarding such financial report.  However, if, after the financial report has been issued, a fact becomes known to the auditor that, had it been known to the auditor at the date of the auditor’s report, may have caused the auditor to amend the auditor’s report, the auditor shall:

1. Discuss the matter with management and, where appropriate, those charged with governance;
2. Determine whether the financial report needs amendment and; if so,
3. Enquire how management intends to address the matter in the financial report. 

If management amends the financial report, the auditor shall: (Ref: Para. A19)

1. Carry out the audit procedures necessary in the circumstances on the amendment. 
2. Review the steps taken by management to ensure that anyone in receipt of the previously issued financial report together with the auditor’s report thereon is informed of the situation.
3. Unless the circumstances in paragraph 12 of this Auditing Standard apply:
   1. Extend the audit procedures referred to in paragraphs 6 and 7 of this Auditing Standard to the date of the new auditor’s report, and date the new auditor’s report no earlier than the date of approval of the amended financial report; and
   2. Provide a new auditor’s report on the amended financial report.
4. When the circumstances in paragraph 12 of this Auditing Standard apply, amend the auditor’s report, or provide a new auditor’s report as required by paragraph 12 of this Auditing Standard.

The auditor shall include in the new or amended auditor’s report an Emphasis of Matter paragraph or Other Matter(s) paragraph referring to a note in the financial report that more extensively discusses the reason for the amendment of the previously issued financial report and to the earlier report provided by the auditor.

If management, or those charged with governance, do not take the necessary steps to ensure that anyone in receipt of the previously issued financial report is informed of the situation and does not amend the financial report in circumstances where the auditor believes they need to be amended, the auditor shall notify management and, unless all of those charged with governance are involved in managing the entity,^[7] those charged with governance, that the auditor will seek to prevent future reliance on the auditor’s report.  If, despite such notification, management or those charged with governance do not take these necessary steps, the auditor shall take appropriate action to seek to prevent reliance on the auditor’s report.  (Ref: Para. A20)