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Executive Summary:

ISSAI 1510 – Initial Audit Engagements - Opening Balances

Purpose:

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

ISSAI Category:

Level 4: General Auditing Guidelines - General Auditing Guidelines on Financial Audit

Target Group:

Public sector external auditors

Principle:

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

Status:

Approved at XXth Congress of INTOSAI, Johannesburg 2010

Download:

http://www.issai.org/en_us/site-issai/issai-framework/4-auditing-guidelines.htm

Related Documents - Executive Summaries:
Related Documents - ISSAI Full Versions:
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.


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