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Executive Summary:

ISSAI 1510 – Initial Audit Engagements - Opening Balances


This Practice Note provides supplementary guidance on ISA 510 - Initial Audit Engagements: Opening Balances

ISSAI Category:

Target Group:

Public sector external auditors


ISA 510 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.

Scope - Content:

The Practice Note provides additional guidance for public sector auditors related to

  • Audit procedures
  • Audit conclusions and reporting

Author - Committee:

INTOSAI Professional Standards Committee – Financial Audit Subcommittee


Approved at XXth Congress of INTOSAI, Johannesburg 2010


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Related Documents - Others:

ISA 510 is applicable to auditors of public sector entities in their role as auditors of financial statements. It should be used in accordance with ISA 300 (Planning an Audit of Financial Statements) including additional requirements and guidance regarding activities prior to starting an initial audit.