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opening balances

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › opening balances

  • This topic has 3 replies, 2 voices, and was last updated 6 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • July 20, 2016 at 8:03 pm #328092
    mahoysam
    Participant
    • Topics: 37
    • Replies: 140
    • ☆☆

    How to test opening balances?
    Just looking for few procedures to be performed, if possible.

    Many thanks.

    July 20, 2016 at 8:13 pm #328095
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22698
    • ☆☆☆☆☆

    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?

    July 23, 2016 at 8:53 pm #328552
    mahoysam
    Participant
    • Topics: 37
    • Replies: 140
    • ☆☆

    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 🙂

    July 24, 2016 at 6:36 am #328572
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22698
    • ☆☆☆☆☆

    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?

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