Question

Under SA 510 (Initial Audit Engagements — Opening Balances), what is the auditor's main objective regarding opening balances?

A Re-audit the entire preceding financial year from scratch
B Obtain sufficient appropriate audit evidence about whether opening balances contain misstatements that materially affect the current period's financial statements
C Ensure that the prior year auditor is penalised for any errors found
D Change the prior period's audited figures in the current report
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