opening balances

Check to last year's published financial statements What more do you want? Maybe a bit more is necessary if it's our first year ..... but that's in the lectures / course notes Did you want more?

Yes, it is first year audit, that's why I need to test opening balances. I will check the course notes, and may come back here if I need more details Thanks :)

Compare with previous auditors' working papers / lead schedules if they are provided Compare with client's own records / general ledger Compare with copy of financial statements filed with the government / tax office You should have received a closing trial balance from the previous auditors - compare the opening figures to that closing trial balance from last year Some of this year's work will go towards establishing reasonableness of last year's closing figures (January / February receipts from receivables, and payments to suppliers for the same period, sales of goods in January to confirm inventory is sold for greater than cost ... ) As a VERY LAST resort, you may need to re-perform some audit work from last year to be able to get happy about the brought forward amounts Better?