CAS 510: Initial Audit Engagements — Opening Balances
Requirements for first-year audits, including review of the prior period and procedures over opening balances.
Why CAS 510 matters
First-year audits (including post-IPO and post-auditor-change engagements) carry meaningful incremental cost. Issuers can plan for it.
Framework: Canadian Auditing Standards (CAS)
CAS are the auditing standards adopted by the Auditing and Assurance Standards Board (AASB) of CPA Canada. They are Canadian adoptions of the IAASB's International Standards on Auditing (ISAs) and govern every audit of financial statements performed in Canada.
Primary source: FRAS Canada
Frequently asked
What is CAS 510?
Requirements for first-year audits, including review of the prior period and procedures over opening balances.
Why does CAS 510 matter for an audit?
First-year audits (including post-IPO and post-auditor-change engagements) carry meaningful incremental cost. Issuers can plan for it.
Which framework does CAS 510 belong to?
CAS 510 falls under Canadian Auditing Standards (CAS). CAS are the auditing standards adopted by the Auditing and Assurance Standards Board (AASB) of CPA Canada. They are Canadian adoptions of the IAASB's International Standards on Auditing (ISAs) and govern every audit of financial statements performed in Canada.
Related standards — Canadian Auditing Standards (CAS)
- CAS 200 — Overall Objectives of the Independent Auditor
- CAS 210 — Agreeing the Terms of Audit Engagements
- CAS 220 — Quality Management for an Audit of Financial Statements
- CAS 230 — Audit Documentation
- CAS 240 — The Auditor's Responsibilities Relating to Fraud
- CAS 250 — Consideration of Laws and Regulations
See how Auditus checks CAS 510
Auditus.ai runs PCAOB, ISA, and CAS engagements end-to-end and cites the exact standard behind every finding — including CAS 510.