First Year Audit Flashcards
1
Q
First year audit
Lack of cake
Inherent risk of first year audit
Opening balances mistated
A
Obtain and review most recent financial statements and auditors report
Ensure closing balances have been brought forward correctly
Determine whether opening balances reflect appropriate accounting policies
Obtain and review prior year working papers
Evaluate whether audit procedures carried out provide evidence relevant to opening balances
Perform substantive procedures on opening balances
