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Hi.what are the audit procedures on opening balances other than
1, verifying carry forward balances from prior period audited F/s.
2,verify the consistency of accounting policies.
3,request to review prior year audit working papers.What else do you want to do? You can, during the course of this year’s audit, select transactions in January for routine testing. These will give you a degree of comfort about last year’s receivables, payables, accruals, prepayments and inventory values.
But last year was presumably audited and reported upon so not a lot to do – provided we were the auditors and the report was not modified
actually we were not the last yr of auditor.it was done by some other firm.Could ve apply analytical procedures on opening bal ?
Certainly you can. You could even reperform some audit work just to confirm the reliability of those brought forward figures.
I suppose a lot depends upon your assessment of the previous auditors and their competences.
With permission from the client’s management, you could do a complete audit of last year’s financial statements – but you’re not likely to be given that permission!
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