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A first-year audit's opening balances are governed by:
ASA 510
BSA 200
CSA 580
DSA 720
Answer & Solution
Correct answer: B. SA 200
1. SA 510 "Initial Audit Engagements - Opening Balances" applies.
2. It requires obtaining sufficient evidence on opening balances and consistency of policies.
3. SA 200, 580, 720 cover different topics.
_Source: ICAI BoS CA Final Paper 3, Ch 2 "Audit Planning Strategy and Execution"_
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