Category Archive for: Initial Audit Engagement – Opening Balances

QUESTIONS AND ANSWERS

Your firm has been appointed as the auditors of Antarctica Limited for the year ended June 30, 2008. The Company was incorporated in the year 2000. Since then, its financial statements have been prepared in accordance with the approved accounting standards as applicable in Pakistan and have been audited by a highly reputable professional auditing firm. Since the previous auditors…

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Initial Audit Engagement – Opening Balances

1. The auditor should obtain evidence that: • Opening balances do not contain misstatements that material affect the current financial statements. • Opening balances have been correctly bright forward. • Consistency of accounting policies. 2. If the prior period financial statements have been audited by another auditor: • Review predecessor auditor’s working papers. • Consider qualifications in…

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