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