SA 510 requires the ଅଡିଟର୍ to obtain sufficient appropriate ଅଡିଟ୍ evidence that opening balances do not contain misstatements that materially affect the current period's financial statements. CORAA implements this by ingesting the prior-year signed ଅଡିଟ୍ ରିପୋର୍ଟ (PDF) or the prior-year trial balance (Excel), and tying every current-year opening figure to its prior-year closing counterpart. Drift surfaces before fieldwork begins.
Two paths to the same audit conclusion. One leaves traces; the other doesn't.
At ଏଙ୍ଗେଜମେଣ୍ଟ୍ Setup, upload the prior-year signed ଅଡିଟ୍ ରିପୋର୍ଟ PDF. CORAA extracts the closing balances per ଲେଜର୍ via OCR. Alternative: upload the prior-year Trial Balance as Excel for direct ingestion.
After current-year data ingests, CORAA runs the SA 510 verification: each CY opening figure matched to its PY closing counterpart. Variances above the configured threshold surface in the SA 510 Working Paper.
For each variance, the ଅଡିଟର୍ either (a) accepts with documented rationale (e.g., reclassification between ଲେଜର୍), (b) flags for client correction, or (c) discloses in Form 3CD or the ଅଡିଟ୍ ରିପୋର୍ଟ. The SA 510 Working Paper is locked when all variances are addressed.
Upload the signed PY ଅଡିଟ୍ ରିପୋର୍ଟ as PDF. CORAA's OCR extracts the closing balance per ଲେଜର୍ from the Schedule III BS and P&L. Works on Indian ଅଡିଟ୍ ରିପୋର୍ଟ formats from any ଅଡିଟ୍ ଫାର୍ମ.
When ନା PY ଅଡିଟ୍ ରିପୋର୍ଟ is available (or to supplement it), upload the PY Trial Balance as Excel. CORAA matches ଲେଜର୍ between PY and CY by GL Code first, then by name.
The SA 510 Working Paper lists every ଲେଜର୍ with PY closing, CY opening, and variance. Variances above threshold are highlighted; zero-variance ଲେଜର୍ can be collapsed.
When ନା PY ଅଡିଟର୍ existed (new entity, change of ଅଡିଟର୍), SA 510 first-year ପ୍ରକ୍ରିୟା apply. CORAA prompts for: management representation, physical asset verification, balance confirmations from third parties, and review of PY books if available.
