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Sa 510

Auditing

Mam precedesor auditor of xyz Ltd is AB&co where B is engagement partner. Current auditor is BC&co now also B is engagement partner Is now SA 510 is applicable mam? Video Details P5 Auditing and Code of Ethics (New) Audit Evidence - SA 510 7. Summary

lohith perumalla

CA Inter

★ 8K+

16-Apr-24 11:03

Answers (1)

Best Answer

It will be applicable as we discuss auditors in the context of firm. For his wrong opinion, the new firm will be liable. Therefore, it’s important for him to verify the opening balances. However, usually in case of companies, u need to check with the concept of rotation and also about common partners . There could be familiarity threat so same engagement partner will not be appointed as a measure of safeguard to any threat to independence.