Performing Initial Audits and Reaudits of Opening Balances

1 Credits: Auditing


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Performing Initial Audits and Reaudits of Opening Balances

Course Level
CPE Credits

1 Credits: Auditing

Course Description

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.

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Learning Objectives

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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Course Specifics

Course ID
Revision Date
September 12, 2022

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Larry L. Perry Headshot

Larry L. Perry, CPA, has been in practice for over 40 years. He writes accounting and auditing manuals and is currently an author and presenter of live staff training seminars, live webcasts, and self-study CPE programs, including self-study courses for Western CPE. He’s a managing member of CPA Firm Support Services, LLC, an organization that provides resources, training, and consulting to smaller CPA firms. Larry focuses on practical ways to perform effective and efficient accounting and auditing engagements.