Opening Balances – NBC Institute

AAA – May 2021 – L3 – Q4 – Advanced Audit Planning and Strategy

Discussion of engagement letter elements, reasons for rejecting an engagement, procedures for new client acceptance, and opening balances audit.

Question

As a Senior Manager in Inagbe and Co. (Chartered Accountants), you act as a mentor to some of the young auditors in practice. As a mentor, you discuss frequently with your young mentees on professional and personal matters. Zainab Nigeria Limited is a cosmetics company and has just recently appointed Inagbe and Co. as its auditor. One of your young mentees has been asked to be part of the engagement team. The mentee has come to you for some advice and you decided to use the opportunity to explain the process and procedures to be carried out when accepting a new engagement.

Required:

(a) Explain the elements of an engagement letter. (7 Marks)
(b) Discuss the circumstances under which an auditor may reject an audit engagement. (3 Marks)
(c) Discuss the procedures that an audit firm needs to carry out before accepting to audit a new client. (4 Marks)
(d) Explain the audit procedures that should be carried out on opening balances. (6 Marks)

Answer

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Tags: Audit Acceptance, Audit Procedures, Engagement letter, Opening Balances
Level: Level 3

Topic: Advanced Audit Planning and Strategy

AAA – Nov 2016 – L3 – Q7 – Audit Completion and Final Review

Outline auditor objectives and audit procedures for opening balances in an initial audit engagement under ISA 510.

Question

Iyanuoluwa Pharmaceutical Industries Limited has been in existence for some years and it has been audited by a firm of Chartered Accountants up to December 31, 2014.

Your firm, Blueberry & Co. (Chartered Accountants), has just been appointed to act as auditors for the financial year January 1, 2015, to December 31, 2015, which has been accepted.

Required:
In line with ISA 510: “Initial Audit Engagements”:

a. What are the objectives of the Auditor when considering such an initial audit engagement in respect of opening balances? (6 Marks)
b. Provide audit procedures that are required to be followed in respect of opening balances. (9 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Objectives, Audit Procedures, Initial Engagement, ISA 510, Opening Balances
Level: Level 3

Topic: Audit Completion and Final Review

AA – May 2017 – L2 – Q5a – Completion Procedures and Reporting

Explanation of the audit objectives and procedures for opening balances in an initial audit engagement.

Question

ISA 510 Initial Audit Engagements provides guidance to auditors on the audit of opening balances when conducting an initial audit engagement.

Required:
Explain the audit objective and the audit procedures in relation to opening balances.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Initial audit engagement, ISA 510, Opening Balances
Level: Level 2

Topic: Completion Procedures and Reporting
Series: MAY 2017

AAA – May 2016 – L3 – Q3b – Audit evidence | Planning

Outline procedures for reviewing the opening balances in draft financial statements.

Question

Demonstrate how you will review the opening balances in the draft financial statements. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Audit Procedures, Financial Statement Review, Opening Balances
Level: Level 3

Topic: Audit evidence, Planning
Series: MAY 2016

AAA – May 2021 – L3 – Q4 – Advanced Audit Planning and Strategy

Discussion of engagement letter elements, reasons for rejecting an engagement, procedures for new client acceptance, and opening balances audit.

Question

Required:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Acceptance, Audit Procedures, Engagement letter, Opening Balances
Level: Level 3

Topic: Advanced Audit Planning and Strategy

AAA – Nov 2016 – L3 – Q7 – Audit Completion and Final Review

Outline auditor objectives and audit procedures for opening balances in an initial audit engagement under ISA 510.

Question

Iyanuoluwa Pharmaceutical Industries Limited has been in existence for some years and it has been audited by a firm of Chartered Accountants up to December 31, 2014.

Your firm, Blueberry & Co. (Chartered Accountants), has just been appointed to act as auditors for the financial year January 1, 2015, to December 31, 2015, which has been accepted.

Required:
In line with ISA 510: “Initial Audit Engagements”:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Objectives, Audit Procedures, Initial Engagement, ISA 510, Opening Balances
Level: Level 3

Topic: Audit Completion and Final Review

AA – May 2017 – L2 – Q5a – Completion Procedures and Reporting

Explanation of the audit objectives and procedures for opening balances in an initial audit engagement.

Question

ISA 510 Initial Audit Engagements provides guidance to auditors on the audit of opening balances when conducting an initial audit engagement.

Required:
Explain the audit objective and the audit procedures in relation to opening balances.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Initial audit engagement, ISA 510, Opening Balances
Level: Level 2

Topic: Completion Procedures and Reporting
Series: MAY 2017

AAA – May 2016 – L3 – Q3b – Audit evidence | Planning

Outline procedures for reviewing the opening balances in draft financial statements.

Question

Demonstrate how you will review the opening balances in the draft financial statements. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Audit Procedures, Financial Statement Review, Opening Balances
Level: Level 3

Topic: Audit evidence, Planning
Series: MAY 2016

Question Tag: Opening Balances

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AAA – May 2021 – L3 – Q4 – Advanced Audit Planning and Strategy

Discussion of engagement letter elements, reasons for rejecting an engagement, procedures for new client acceptance, and opening balances audit.

AAA – Nov 2016 – L3 – Q7 – Audit Completion and Final Review

Outline auditor objectives and audit procedures for opening balances in an initial audit engagement under ISA 510.

AA – May 2017 – L2 – Q5a – Completion Procedures and Reporting

Explanation of the audit objectives and procedures for opening balances in an initial audit engagement.

AAA – May 2016 – L3 – Q3b – Audit evidence | Planning

Outline procedures for reviewing the opening balances in draft financial statements.

AAA – May 2021 – L3 – Q4 – Advanced Audit Planning and Strategy

Discussion of engagement letter elements, reasons for rejecting an engagement, procedures for new client acceptance, and opening balances audit.

AAA – Nov 2016 – L3 – Q7 – Audit Completion and Final Review

Outline auditor objectives and audit procedures for opening balances in an initial audit engagement under ISA 510.

AA – May 2017 – L2 – Q5a – Completion Procedures and Reporting

Explanation of the audit objectives and procedures for opening balances in an initial audit engagement.

AAA – May 2016 – L3 – Q3b – Audit evidence | Planning

Outline procedures for reviewing the opening balances in draft financial statements.

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AAA – May 2021 – L3 – Q4 – Advanced Audit Planning and Strategy

Discussion of engagement letter elements, reasons for rejecting an engagement, procedures for new client acceptance, and opening balances audit.

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AAA – Nov 2016 – L3 – Q7 – Audit Completion and Final Review

Outline auditor objectives and audit procedures for opening balances in an initial audit engagement under ISA 510.

You're reporting an error for "AAA – Nov 2016 – L3 – Q7 – Audit Completion and Final Review"

AA – May 2017 – L2 – Q5a – Completion Procedures and Reporting

Explanation of the audit objectives and procedures for opening balances in an initial audit engagement.

You're reporting an error for "AA – May 2017 – L2 – Q5a – Completion Procedures and Reporting"

AAA – May 2016 – L3 – Q3b – Audit evidence | Planning

Outline procedures for reviewing the opening balances in draft financial statements.

You're reporting an error for "AAA – May 2016 – L3 – Q3b – Audit evidence | Planning"

AAA – May 2021 – L3 – Q4 – Advanced Audit Planning and Strategy

Discussion of engagement letter elements, reasons for rejecting an engagement, procedures for new client acceptance, and opening balances audit.

You're reporting an error for "AAA – May 2021 – L3 – Q4 – Advanced Audit Planning and Strategy"

AAA – Nov 2016 – L3 – Q7 – Audit Completion and Final Review

Outline auditor objectives and audit procedures for opening balances in an initial audit engagement under ISA 510.

You're reporting an error for "AAA – Nov 2016 – L3 – Q7 – Audit Completion and Final Review"

AA – May 2017 – L2 – Q5a – Completion Procedures and Reporting

Explanation of the audit objectives and procedures for opening balances in an initial audit engagement.

You're reporting an error for "AA – May 2017 – L2 – Q5a – Completion Procedures and Reporting"

AAA – May 2016 – L3 – Q3b – Audit evidence | Planning

Outline procedures for reviewing the opening balances in draft financial statements.

You're reporting an error for "AAA – May 2016 – L3 – Q3b – Audit evidence | Planning"

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