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Performing Initial Audits and Reaudits of Opening Balances ON DEMAND

Available Until

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1.0 Credits

Member Price $29.00

Non-Member Price $33.00


In Performing Initial Audits and Reaudits of Opening Balances, auditing expert Larry Perry presents a summary of AU-C Section 510 as well as the typical procedures of an audit engagement. AU-C 510 applies when a change of auditors has taken place or is in process for an audit or reaudit of financial statements. The course interfaces the requirements of AU-C Section 510 for auditing opening balances with the applicable stages of the audit process. AU-C Section 510, Opening Balances - Initial Audit Engagements, Including Reaudit Engagements, along with other Clarified Statements on Auditing Standards, is effective for audits of financial statements for periods ending on or after December 15, 2012.


Summary of the Requirements of AU-C Section 510. Audit Process. Small Audit Systems. Relevant Assertions.



Designed For

CPAs, controllers, accountants, financing professionals, business owners, and managers.


Identify procedures to obtain sufficient evidence regarding opening balances to determine whether the opening balances are free of misstatements that materially affect current period financial statements. Identify that appropriate accounting policies, or any changes, have been consistently applied in the current period’s financial statements along with proper footnote disclosures. Cite procedures for the four phases of the audit process. Cite information relevant to the Small Audit Systems Walk-through Form to document accounting systems and internal control.






Leader Bios

Larry Perry, AICPA In-House Training

With 40 years’ experience as a CPA, Larry is a nationally-known author of accounting and auditing manuals, a professional continuing education instructor and author, and a consultant to CPA firms. Larry practices in Colorado Springs, Colorado and has served primarily small business, religious and small non-profit organizations and other nonprofit organizations. Larry is co-founder of CPA Firm Support Services, LLC, an organization dedicated to meeting the needs of small to medium-size CPA firms. He is currently developing audit guides and practice aids for use on very small audits that comply with the risk assessment standards and, at the same time, create efficiencies by reducing the volume of forms, checklists and working papers.

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Non-Member Price $33.00

Member Price $29.00