ISA 510 - INITIAL AUDIT ENGAGEMENTS—OPENING BALANCES

 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.

The ISA defines the Audit Procedures relating the opening balances and the process of arriving audit conclusions and reporting regarding the opening balances.

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