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Dear Tutor,
with regard to audit procedures to confirm opening balances would an acceptable answer be:
– Discuss with management which internal controls are in place in order to detect, prevent and correct errors in opening balances.Or is this answer more appropriate for a test of control?
I think that is more appropriate as a test of control: you are discussing internal controls with management.
The easiest way to audit opening balances is to compare all account balances from closing to opening.
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