Question 5a i
Marking Guide
| up to 1 mark | per well described procedure |
– review the most recent financial statements | |
– agree the opening balances to the prior year’s closing balances | |
– determine whether the opening balances reflect the application of appropriate accounting policies | |
– consider reviewing the prior auditor’s working papers to obtain evidence regarding opening balances | |
– consider if procedures performed in the current period provide evidence over the opening balances | |
– perform specific audit procedures to obtain evidence regarding the opening balances | |
| (overall maximum of 2 marks) |