Review of the predecessor's work may provide evidence about opening balances and consistent application of accounting principles. But the nature, timing, and extent of audit work performed and conclusions reached on the current period audit are the sole responsibility of the successor auditor. The auditor's determination of whether to rely on evidence obtained as a result of reviewing the predecessor auditor's work is influenced by the auditor's assessment of the predecessor's professional competence and independence.

Upon completion of this course, the user should be able to:

• Describe the auditing procedures that should be performed on opening balances.
• Describe the reporting requirements related to opening balances
• Define significant terms used in this course