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متابعة

Can you explain the auditor's responsibilities in respect of opening balances?

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تم إضافة السؤال من قبل Frank Mwansa , ACCOUNTING LECTURER , FREELANCER
تاريخ النشر: 2016/12/14
Anil Lalwani
من قبل Anil Lalwani , Chief Accountant , Al Ahli Hospital

The Auditor has to make sure that the previous years report whether finalised by him or any other Auditor the closing balances of previous year which are opening balance of current year should be exactly same without any changes not only in amount but also names etc. because if opening balances changes it will change many things and financial statements will not show the true and fare view. 

Soliman Abd  ALmalak Gendy
من قبل Soliman Abd ALmalak Gendy , مدير ادارة مراقبة حسابات , الجهاز المركزى للمحاسبات

Opening balances contain misstatements that materially affect the current period ' financial statements. Appropriate accounting policies reflected in the opening balances have been cosistent lyrics applied in the current period 's financial stability ,or changes thereto are appropriatEly accounted for and adequate presented and disclosed in accordance with the applicable financial reporting framework. *There are several audit procedures that should be done by the auditor, so he shall: Read the most recent financial statements *OBTAIN sufficient appreciate audit evidence. *Determining where the period 's closing balance have been correctly brought forward to the current period. *Where the opening balance reflect the application of appropriate accounting policies

Nazmul Islam CMA
من قبل Nazmul Islam CMA , Manager , Robi Axiatal Ltd.

Agree with the previous answers.

Tamer Elbeshbishy
من قبل Tamer Elbeshbishy , Financial and Administration Manager , Muscat Towers Holding Group

The responsibilities of the Auditor, regarding the financial statement depend on getting received a documentation and assurance about balances of the beginning period..  This comes through his own assurance and /or  other auditors about the opening balances..Thank You for the invitation .

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