Theory and Practice of Applying Audit Procedures to Input Balance in Performing the First Tasks of the Audit

The article is devoted to the problems of performing the first tasks of the audit in the context of applying audit procedures to balances at beginning of the period stipulated by the international auditing standards, and developing a system of their documentary and informational support. The importance of working papers of the previous auditor to the detection of deviations in the formation of balances at the beginning of the period, and assessment of the flaws of the accounting and internal control of the client is substantiated. The program for checking balance at the beginning of the period and other forms of working papers for documentary support of the audit process is developed. This provides for the optimization of audit resources to obtain audit evidence and allows for the supervision of the task performance and quality control of completed tasks. It is proved that the review of the working papers of the previous auditor should be used for understanding management's attitude to the need in making adjustments in the financial statements based on the audit results. This approach helps to avoid threats to the independence of the auditor, reduces the risk of not detecting a material misstatement, and allows the auditor to determine the degree of confidence in the existing input balance.