First year audits

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First year audits by Mind Map: First year audits

1. Opening balances and comparatives

1.1. Unaudited comparatives

1.1.1. Current assets and liabilities

1.1.2. Non-current assets and liabilities

2. Audit objectives

3. Access to information by successor auditors

3.1. Practicalities of access

4. Quick overview

5. Current issues and further resources

6. Impact on the audit report

6.1. Opening balances

6.2. Consistency of accounting policies

6.3. Modification to the opinion in the predecessor auditor's report

6.4. Additional disclosures if prior period financial statements were audited by a predecessor auditor

6.5. Additional disclosures if no audit was conducted in the previous period

7. Review the predecessor auditor's report

8. Consistency of accounting policies

9. Preliminary engagement activities

10. Scope and definitions

10.1. Scope

10.2. Key definitions