MODULE 9: POST GOVERNANCE AUDIT

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Presentation transcript:

MODULE 9: POST GOVERNANCE AUDIT GOVERNANCE AUDITOR ACCREDITATION COURSE

Meaning of Subsequent Event Subsequent events are “those events, favourable and unfavourable, that occur between the reporting year date and the date when the governance audit reports are authorised for issue.”

General Guidelines on Subsequent Event Subsequent events provide evidence of conditions that either existed at the reporting year end date or are indicative of conditions that arose after the year end date. A subsequent event’s review is performed as near as practicable to the date of the governance auditor’s report. NB: Discuss example and review procedures for subsequent events from the audit manual.

Recording and conclusion on Subsequent Event The governance auditor shall identify subsequent events, which materially affect the governance audit report and ensure that they are properly recorded and adequately disclosed.

Implication of Subsequent Events Should any matters, which materially affect the governance audit report arise after the final report has been signed but not yet issued, it is the responsibility of management to inform the governance auditor of these matters. It is incumbent upon the governance auditor to discuss the matter with management and take appropriate action.

Implication of Subsequent Events (Ctd...) If after the governance audit report has been issued, the governance auditor discovers material facts which existed at the date of the governance auditor’s report and which, if known at that date, may have caused the governance auditor to modify the report, the governance auditor should consider whether the governance audit report needs revision, discuss the matter with management and take appropriate action. The revised governance audit report should contain an “emphasis of matter paragraph” to reference changes in the report.

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