FYI - Subsequently discovered facts before the report release date: a. The accountant should discuss the matter with management (and those charged with governance, as applicable) and determine how management intends to deal with the matter when the financial statements require revision. b. If management revises the financial statements, the accountant should perform review procedures on the revision and either change the date on the review report or “dual-date” the report. c. If management does not revise the financial statements, the accountant should modify the review report appropriately.

Subsequently discovered facts after the report release date: a. If management revises the financial statements, the accountant should perform review procedures on the revision, and either change the date on the review report or “dual-date” the report. The accountant also should determine whether third parties possess those released financial statements and evaluate whether management is taking appropriate steps to inform them that the financial statements should not be used. b. If management is not taking the appropriate steps, including revision, the accountant should notify management and take action to prevent the use of the accountant's review report. The accountant may wish to seek legal guidance in that event.