Introduction

Includes: Scope of this Auditing Standard | Effective Date

Scope of this Auditing Standard

1

This Auditing Standard 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.  When the financial report includes comparative financial information, the requirements and guidance in ASA 710[1] also apply.  ASA 300[2] includes additional requirements and guidance regarding activities prior to starting an initial audit. 

Effective Date

2

[Deleted by the AUASB.  Refer Aus 0.3]

1

See ASA 710 Comparative Information—Corresponding Figures and Comparative Financial Reports.

2

See ASA 300 Planning an Audit of a Financial Report.