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This Auditing Standard reproduces substantial parts of the corresponding International Standard on Auditing issued by the International Auditing and Assurance Standards Board (IAASB) and published by the International Federation of Accountants (IFAC), in the manner described in the statement on Conformity with International Standards on Auditing. The AUASB acknowledges that IFAC is the owner of copyright in the International Standard on Auditing incorporated in this Auditing Standard throughout the world.
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ISSN 1833‑4393
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Audit Conclusions and Reporting......................................A8‑A9
Appendix 1: Illustrations of Auditors’ Reports with Modified Opinions
COMPILATION DETAILS
Auditing Standard ASA 510 Initial Audit Engagements‑Opening Balances (as Amended)
This compilation takes into account amendments made up to and including 15 March 2023 and was prepared on 22 March 2023 by the Auditing and Assurance Standards Board (AUASB).
This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 510 (October 2009) as amended by other Auditing Standards which are listed in the Table below.
Table of Standards
Standard
Date made
Operative Date
ASA 510
27 October 2009
Financial reporting periods commencing on or after 1 January 2010
ASA 2015‑1
1 December 2015
Financial reporting periods ending on or after 15 December 2016
ASA 2020-2
30 June 2020
Financial reporting periods ending on or after 15 July 2020
ASA 2020-1
3 March 2020
Financial reporting periods commencing on or after 15 December 2021[*]
ASA 2023-1
15 March 2023
Financial reporting periods commencing on or after 1 January 2023
Legislation History
Standard
Registration Number
Registration Date
Commencement Date
ASA 510
F2009L04089
16 November 2009
17 November 2009
ASA 2015‑1
F2015L02032
16 December 2015
17 December 2015
ASA 2020-2
F2020L00885
7 July 2020
8 July 2020
ASA 2020-1
F2020L00252
13 March 2020
14 March 2020
ASA 2023-1
F2023L00295
21 March 2023
22 March 2023
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
A8(b)
Amended
ASA 2015-1 [148]
Appendix 1
Amended
ASA 2015-1 [149]
Appendix 1
Amended
ASA 2020-2 [37] to [40]
9Footnote 4
Amended
ASA 2020-1 [8]
Appendix 1
Amended
ASA 2023-1 [18] to [19]
AUTHORITY STATEMENT
Auditing Standard ASA 510 Initial Audit Engagements‑Opening Balances (as amended to 15 March 2023) is set out in paragraphs Aus 0.1 to A9 and Appendix 1.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied. This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.
Conformity with International Standards on Auditing
This Auditing Standard conforms with International Standard on Auditing ISA 510 Initial Audit Engagements‑Opening Balances issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).
Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix “Aus”.
Compliance with this Auditing Standard enables compliance with ISA 510.