In Performing Initial Audits and Reaudits of Opening Balances, auditing expert Larry Perry presents a summary of AU-C Section 510 as well as the typical procedures of an audit engagement. AU-C 510 applies when a change of auditors has taken place or is in process for an audit or reaudit of financial statements. The course interfaces the requirements of AU-C Section 510 for auditing opening balances with the applicable stages of the audit process. AU-C Section 510, Opening Balances - Initial Audit Engagements, Including Reaudit Engagements, along with other Clarified Statements on Auditing Standards, is effective for audits of financial statements for periods ending on or after December 15, 2012.
Upon successful completion of this course, participants will be able to:
- Identify procedures to obtain sufficient evidence regarding opening balances to determine whether the opening balances are free of misstatements that materially affect current period financial statements.
- Identify that appropriate accounting policies, or any changes, have been consistently applied in the current period's financial statements along with proper footnote disclosures.
- Cite procedures for the four phases of the audit process.
- Cite information relevant to the Small Audit Systems Walk-through Form to document accounting systems and internal control.
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