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ASA 510 - Initial Audit Engagements - Opening Balances - October 2009
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Scope of this Auditing Standard
- This Auditing Standard deals with the auditor’s responsibilities relating to opening balances in an initial audit engagement. In addition to financial statement amounts, opening balances include matters requiring disclosure that existed at the beginning of the period, such as contingencies and commitments. When the financial report includes comparative financial information, the requirements and guidance in ASA 710[1] also apply. ASA 300[2] includes additional requirements and guidance regarding activities prior to starting an initial audit.