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A subsequent event is an event that occurs after a reporting period, but before the...

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Accounting

A subsequent event is an event that occurs after a reporting period, but before the financial statements for that period have been issued or are available to be issued.
(a) Discuss the importance of inquiries of management in relation to transactions that must be recognised as subsequent events. ( 14 marks )
(b) Describe the roles of an auditor when corresponding with lawyers. (6 marks)

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