Lesson: Subsequent Events Objectives

This lesson focuses on the procedures required to identify subsequent events that could affect an entity's financial statements or the auditor's report. It discusses the importance of determining the appropriate courses of action based on when these events are discovered, as well as the need to evaluate whether identified subsequent events are correctly reflected in the financial statements and disclosures. Nick Palazzolo breaks down the different circumstances, contingencies, and actions needed depending on the timing of event discovery and provides guidance in managing subsequent events efficiently and accurately.