Business, Management and Accounting
2 years ago

Auditors must uncover hidden financial risks to protect stakeholders' interests.

Opening balances‐initial audit engagements, including reaudit engagements
Joanne M. Flood

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The article discusses how auditors handle opening balances in new audits or re-audits. Auditors must review past financial statements and get permission to talk to the previous auditor. If there are signs of mistakes in past statements, auditors must investigate and report them.