For current assets and liabilities, some audit evidence about opening balances may be obtained as part of the current period’s audit procedures.  For example, the collection (payment) of opening accounts receivable (accounts payable) during the current …

For non‑current assets and liabilities, such as property, plant and equipment, investments and long‑term debt, some audit evidence may be obtained by examining the accounting records and other information underlying the opening balances.  In certain …

Opening Balances (Ref: Para. 10-11) …

ASA 705 establishes requirements and provides guidance on circumstances that may result in a modification to the auditor’s opinion on the financial report, the type of opinion appropriate in the circumstances, and the content of the auditor’s report when …

Modification to the Opinion in the Predecessor Auditor’s Report (Ref: Para. 13) …

In some situations, a modification to the predecessor auditor’s opinion may not be relevant and material to the opinion on the current period’s financial report.  This may be the case where, for example, there was a scope limitation in the prior period, …

Other inherent risk factors, that affect susceptibility to misstatement of an assertion about a class of transactions, account balance or disclosure may include: The quantitative or qualitative significance of the class of transactions, account balance or …

This Auditing Standard deals with the auditor’s use of analytical procedures as substantive procedures (“substantive analytical procedures”).  It also deals with the auditor’s responsibility to perform analytical procedures near the end of the audit that …