Engagement
Opening Balance and Transition Support
Procedures on opening balances and prior-period adjustments when you change auditors or restate comparative figures.
Who it is for
Companies switching auditors or correcting comparative statements.
Result you receive
Documented opening-balance conclusions and restatement support for the current auditor’s file.
Delivery
Combination of prior-auditor liaison and on-site ledger review
Provider
Engagement partner
Included
- Review of prior working papers where permitted
- Testing of material opening balances
- Memo on restatement entries
Not included
- Negotiation of commercial disputes with the prior firm
- Full re-audit of multiple prior years unless separately scoped
Engagement process
- Access request to prior auditor
- Opening balance testing
- Handover memo to the engagement file