Outstanding Audit Report Opening Balances Not Audited

Audit Conclusions and Reporting Opening Balances Ref. Auditors are reminded however that they still have a requirement to obtain sufficient appropriate audit evidence that the opening balances do not contain misstatements that materially affect the current periods financial statements. B Opening balances Those account balances that exist at the beginning of the period.

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Audited by a predecessor auditor or were not audited the requirements and guidance in ISA 5101 regarding opening balances also apply.

Audit report opening balances not audited. An example audit opinion is given in the Appendix. Following are several audit procedures that should be done by the successor auditor regarding the opening balance of financial statements. ISA 510 Initial Engagements - Opening Balances requires that when auditors take on a new client they must ensure that.

Audit Conclusions and Reporting Opening Balances 10. The Nature of Comparative Information 2. If prior period financial statements were not audited at all the audit report should state that fact.

As the financial data is accumulated in the balance sheet the auditor in case he did not do the previous year audit heshe must confirm the opening balances or refer to the predecessor auditor or if heshe could not then a disclaimer of an opinion might be necessary in the auditors report other wise he is carrying out responsibility about the fairness of the financial statements including the opening balances from previous year as the auditor. 9 10 of ISA 510. I The financial statements for the prior period were not audited.

Inability to verify opening balances Qualified opinion. Or ii The financial statements for the prior period were audited by a predecessor auditor. Current audit report due to the limitation on the scope of the auditors work if after performing procedures including those set out above the auditor is unable to obtain sufficient appropriate audit evidence concerning opening balances.

Subsequent collections form receivable sand payments payables may provide evidence as to the opening balances. I The financial statements for the prior period were not audited. If the prior period financial statements were not audited the auditor shall state in an Other Matter paragraph in the auditors report that the corresponding figures are unaudited.

Observing physical count after year end and working back ascertain opening balance of inventories. Or ii The financial statements for the prior period were audited by a predecessor auditor. Opening balances do not contain material misstatements.

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