Audit Procedures for Opening Balance

 Audit Procedures for Opening Balance

Auditor is required perform the following audit procedures for opening balances

1.    Confirm previous year balance

Auditor shall confirm that opening balances are correctly brought forward from the previous year.

2.    Accounting Policies Consistency

Auditor shall also evaluate the opening balances reflect the consistency of policies being applied by the organization.

3.    Further evidence by current year procedure

Auditor shall evaluate that whether current year audit procedure confirms the existence and accuracy of the opening balances.

4.    Predecessor Auditor Working paper

Auditor may review the predecessor auditor working paper for accuracy of opening balances.