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ASA 510 - Initial Audit Engagements - Opening Balances - October 2009
ObjectiveObjective
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Objective
- In conducting an initial audit engagement, the objective of the auditor is to obtain sufficient appropriate audit evidence about whether:
- Opening balances contain misstatements that materially affect the current period’s financial report; and
- Appropriate accounting policies reflected in the opening balances have been consistently applied in the current period’s financial report, or changes thereto are appropriately accounted for and adequately presented and disclosed in accordance with the applicable financial reporting framework.