In short
Dual dating means dating the auditor's report with its original date for most of the statements and a later date for a specific subsequent event that was disclosed or adjusted after the original report date.
Key takeaways
- It limits the auditor's responsibility for later events to that one matter.
- The alternative is to date the whole report as of the later date, which extends the subsequent events procedures to that date.
- It applies to events that come to light before the report is released.
Where it's tested
AUD: Written Representations & Completing the Audit — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
A material subsequent event requiring adjustment is discovered after the original report date but before issuance, and the auditor extends procedures only for that event. The auditor should: