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Sunday, August 22, 2010

AAS – 22/ SA 510: Initial Engagements – Opening Balances

  • Audit Procedures:
  1. A/c Policies being consistently followed;
  2. Correct balances of various a/c’s have been correctly b/f;
  3. Nature of Op. Bal. & risk of their misstatement in the current period;
  4. Verify whether the Op. Bal. do not contain misstatements that materially affect the financial statements of the current period;
  • Audit Reporting and Conclusions:
  1. Unable to obtain sufficient audit evidence: Give Qualified / Disclaimer of opinion
  2. Material misstatements that affect the current period financial statements: Give Qualified / Adverse opinion

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