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ISA 510 - Initial Audit Engagements—Opening Balances

The objective  of  ISA 510  with  respect to opening balances is to obtain  appropriate audit evidence  whether opening  balances  contain  misstatements  that  materially  affect  the  current period’s financial statements and appropriate  accounting  policies  reflected  in  the  opening  balances  have  been  consistently  applied  in  the  current  period’s  financial  statements  or  changes  thereto  are  appropriately  accounted  for  and  adequately presented and disclosed in accordance with the applicable financial reporting framework.

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