medium10 pts · first answer countsaudit-planning

Opening balances in a first-year audit

In an initial audit engagement, what must the auditor do about opening balances under SA 510 / ISA 510?

A.Nothing, because they were audited last yearB.Re-audit the entire previous year in fullC.Obtain evidence that opening balances do not contain misstatements that materially affect the current year, for example by reviewing the predecessor’s working papersD.Ask the predecessor auditor to sign the current year report

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Opening balances in a first-year audit

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