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ASA 510 Initial Engagements – Opening Balances

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Main Features 
This Auditing Standard:

  1. establishes mandatory requirements and provides explanatory guidance regarding opening balances when the financial report is audited for the first time or when the financial report for the prior period was audited by another auditor;
    2.  
  2. provides guidance on the audit procedures the auditor may consider to obtain sufficient appropriate audit evidence on opening balances in an initial engagement; and
    3.  
  3. establishes mandatory requirements and provides explanatory guidance on the form and content of the auditor’s report.
Operative Date 
This Auditing Standard is operative for financial reporting periods commencing on or after 1 July 2006. 
 
 
This excerpt is taken from ASA 510, which is available for download on the AUASB website