Auditing of Subsequent Events: A Survey of Auditors in the City of Istanbul in Turkey

Zehra Ozdemir, Basak Ataman Gokcen


Unlimited numbers of events which can occur after the reporting period, but before board approval of financial statements (subsequent events), can have important effects on financial statements, independent audit opinion, investors and other related parties with the financial reporting system. The Capital Market Boards have shortened the time between the balance sheet date and report release date, thus potential subsequent events may affect the entire audit process. This reduction narrowed the legally allowed period of the preparation of financial statements. Moreover, the reduction limited the processes of obtaining, searching and evaluating evidence of subsequent events, since the majority of the audit work will be performed after the balance sheet date. The aim of this paper is to examine subsequent event audit experiences and the process of searching for evidence, and to measure the importance level of disclosures, perception level and use of Turkish Independent Auditing Standard 560.


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Accounting and Finance Research
ISSN 1927-5986 (Print)   ISSN 1927-5994 (Online) Email:

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