[Verse 1] Balance sheet is closed but stories keep unfolding Subsequent events demand our sharp attention Type One needs adjusting when material findings Shed new light on old conditions we've been holding [Chorus] After balance sheet the clock keeps ticking on Subsequent events til audit report's drawn Type One adjusts, Type Two discloses facts Going concern assessment guards against collapse [Verse 2] Settlement of litigation shows the actual loss Bankruptcy of customers proves their doubtful debts Fire destroys inventory at substantial cost These Type Two events need disclosure not correction yet [Chorus] After balance sheet the clock keeps ticking on Subsequent events til audit report's drawn Type One adjusts, Type Two discloses facts Going concern assessment guards against collapse [Verse 3] Going concern assumption spans twelve months ahead Can this entity survive its obligations whole Cash flows, debt covenants, management's thread Substantial doubt requires disclosure of our role [Bridge] Written representations from the client's hand Active inquiry procedures we must command Review minutes, legal letters, interim statements grand Till audit report date we scan and understand [Chorus] After balance sheet the clock keeps ticking on Subsequent events til audit report's drawn Type One adjusts, Type Two discloses facts Going concern assessment guards against collapse [Outro] Five-sixty and five-seventy guide our way CAS standards for the post-balance sheet day
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