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Initial Audit Engagements-Opening Balances

This ISA deals with the auditor's responsibilities relating to opening balances in an initial audit engagement. In addition to financial statement amounts, opening balances include matters requiring disclosure that existed at the beginning of the period, such as contingencies and commitments. When the financial statements include comparative financial information, the requirements and guidance in ISA 710 also apply. ISA 300 includes additional requirements and guidance regarding activities prior to starting an initial audit.