First year audits
by Josh Hersant
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. Current issues and further resources
3. Impact on the audit report
3.1. Opening balances
3.2. Consistency of accounting policies
3.3. Modification to the opinion in the predecessor auditor's report
3.4. Additional disclosures if prior period financial statements were audited by a predecessor auditor
3.5. Additional disclosures if no audit was conducted in the previous period
4. Review the predecessor auditor's report
5. Consistency of accounting policies
6. Audit objectives
7. Access to information by successor auditors
7.1. Practicalities of access
8. Quick overview
9. Preliminary engagement activities
10. Scope and definitions
10.1. Scope
10.2. Key definitions
