Title: Opening Balances—Initial Audit Engagements, Including Reaudit Engagements
Abstract: AU-C 510 relates to the auditor's responsibilities for the opening balance in an initial audit engagement, including a reaudit. For an initial audit or reaudit, the auditor must read the most recent financial statements and auditor's opinion for information on opening balances and consistency of disclosures. During the review of the opening balances, the auditor may gather evidence that suggests that the prior period statements may contain a material misstatement. In that case, the auditor must perform additional procedures to determine the effect on the current period statements. Management may refuse to inform the processor auditor that the financial statements may need revision, or the auditor may not be satisfied with the resolution. In such cases, the auditor should consider withdrawal. If withdrawal is not possible under applicable law or regulation, the auditor should disclaim an opinion.
Publication Year: 2019
Publication Date: 2019-08-02
Language: en
Type: other
Indexed In: ['crossref']
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