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Auditing Question 37 (4 points) Listen You are auditing Euro...

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Question 37 (4 points) Listen You are auditing Euro Industries. They have a year end of December 31, 2020. In the wrap-up section of the file, the following items were noted: On December 23, 2020 a warehouse where Cocoa stored some finished inventory for resale had a fire. Estimated damage could not yet be quantified. In addition, the warehouse had some of the supplier invoices for raw materials purchased. These were lost in the fire and represented the period from January to March A major customer who owed Euro Industries $80,000 in accounts receivable at year-end (a material amount) filed for bankruptcy on February 18, 2021. Required 1) Identify the type of subsequent event and the treatment required for each. 2 Marks 2) Describe two procedures (be specific) that are expected of auditors in testing for subsequent events. 2 Marks Paragraph B TUA +

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