Open bal comp_AA_Ch_34

Open bal comp_AA_Ch_34 - Chapter 34 Opening Balances and...

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© Peter T. Y. Lau and Nelson C. Y. Lam © Pilot Publishing Co. Ltd. 2009 Auditing and Assurance in Hong Kong 1 Chapter 34 Opening Balances and Comparatives
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© Peter T. Y. Lau and Nelson C. Y. Lam © Pilot Publishing Co. Ltd. 2009 Auditing and Assurance in Hong Kong 2 Agenda Part A: Opening Balances Auditor’s Objective Audit Procedures Audit Conclusion and Reporting Part B: Comparatives 1. Companies Ordinance, HKAS and Stock Exchang 2. Auditor’s Objective 3. Audit Procedures 4. Audit Reporting
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© Peter T. Y. Lau and Nelson C. Y. Lam © Pilot Publishing Co. Ltd. 2009 Auditing and Assurance in Hong Kong 3 Part A Opening Balances
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© Peter T. Y. Lau and Nelson C. Y. Lam © Pilot Publishing Co. Ltd. 2009 Auditing and Assurance in Hong Kong 4 1. Auditor’s Objective Obtain sufficient appropriate audit evidence about whether opening balances contain misstatements that materially affect the current period's financial statements; and appropriate accounting policies have been consistently applied or changes in accounting policies are properly accounted for and adequately presented and disclosed.
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© Peter T. Y. Lau and Nelson C. Y. Lam © Pilot Publishing Co. Ltd. 2009 Auditing and Assurance in Hong Kong 5 2. Audit Procedures Read the most recent financial statements and the predecessor auditor’s report thereon Determine whether opening balances contain misstatements that materially affect the current period’s financial statements: prior period’s closing balances have been correctly brought forward to the current period or, when appropriate, have been restated; and opening balances reflect the application of appropriate accounting policies.
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© Peter T. Y. Lau and Nelson C. Y. Lam © Pilot Publishing Co. Ltd. 2009 Auditing and Assurance in Hong Kong 6 2. Audit Procedures Determine whether opening balances contain
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Open bal comp_AA_Ch_34 - Chapter 34 Opening Balances and...

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