I have a quarry regarding Audit
If we are auditing first time for client in process of audit and preparation of Audit Report we can to know there is mismatch of bank balance in last year’s closing balance sheet (which is audited by previous auditor) and in the current year’s opening balance of bank in this scenario what are the options available to us . Please guide me
See whether all the transactions have been recorded appropraitely.because last year end closing balance must match with opening balance.there is a possibility that after the accounts have been audited last year some transactions have been undergone whose effect is not given in books of account or it may also be mistake because of staff negligience.
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