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Explain the auditor responsibilities

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Question - For the following independent events, assume that each has a material effect on the financial statements. The financial year of your audit client Teller Ltd ended on 31 December 2019. Your audit report was signed on 17 February 2020 and the financial statements were issued on 2 March 2020. Listed below are events that were discovered after the end of the financial year.

1. 15 February 2020: You found that the audit client had just announced its intention to merge with another company within the next few months.

2. 28 February 2020: You found that a major customer of your audit client had gone bankrupt on 1 February 2020 after reporting substantial losses for three consecutive years.

Required - For each of the two events above, explain the auditor's responsibilities and the correct accounting treatment for the event.

Reference no: EM132572768

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