Initial Audit Engagement | Audit Checklist and Reporting Under Different Circumstances
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- Last Updated on 28 July, 2023
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There is significantly high audit risk in case of audit engagements whose Financial Statements for the prior period were not audited or were audited by any other auditor. The auditor shall before accepting such engagement comply with the requirement of Standard on Quality Control (SQC 1) and examine whether the audit risk can be reduced to acceptably low level or not. To mitigate these audit risk the auditor shall perform additional audit procedure as prescribed under SA 510, Initial Audit Engagement.
One of the audit procedure requires the auditor to examine the prior period audit report and evaluate whether the predecessor auditor has modifed his opinion on such report. In case the modification has been done by predecessor auditor, the auditor shall examine whether the matter that gave rise to modification is resolved or not.
On the basis of conclusions obtained after performing necessary audit procedures, SA 510 also prescribes the necessary reporting to be done by auditor.
To understand more about the audit procedures and reporting requirement under SA 510.
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