In conducting an initial audit engagement, the objective of the auditor is to obtain sufficient appropriate audit evidence about whether:  Opening balances contain misstatements that materially affect the current period’s financial report; and  …

For the purposes of this Auditing Standard, the following terms have the meanings attributed below: …

Initial audit engagement means an engagement in which either: The financial report for the prior period was not audited; or The financial report for the prior period was audited by a predecessor …

Opening balances means those account balances that exist at the beginning of the period.  Opening balances are based upon the closing balances of the prior period and reflect the effects of transactions and events of prior periods and accounting policies …

Predecessor auditor means the auditor from a different audit firm, who audited the financial report of an entity in the prior period and who has been replaced by the current …

The auditor shall read the most recent financial report, if any, and the predecessor auditor’s report thereon, if any, for information relevant to opening balances, including …

The auditor shall obtain sufficient appropriate audit evidence about whether the opening balances contain misstatements that materially affect the current period’s financial report by: (Ref: Para. A1‑A2)   Determining whether the prior period’s closing …

If the auditor obtains audit evidence that the opening balances contain misstatements that could materially affect the current period’s financial report, the auditor shall perform such additional audit procedures as are appropriate in the circumstances to …

The auditor shall obtain sufficient appropriate audit evidence about whether the accounting policies reflected in the opening balances have been consistently applied in the current period’s financial report, and whether changes in the accounting policies …