SA 510 requires the ఆడిటర్ to obtain sufficient appropriate ఆడిట్ సాక్ష్యం 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 ఆడిట్ నివేదిక (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 ఎంగేజ్మెంట్ సెటప్, upload the prior-year signed ఆడిట్ నివేదిక PDF. CORAA extracts the closing balances per లెడ్జర్ 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 ఆడిటర్ either (a) accepts with documented rationale (e.g., reclassification between లెడ్జర్లు), (b) flags for client correction, or (c) discloses in Form 3CD or the ఆడిట్ నివేదిక. The SA 510 Working Paper is locked when all variances are చిరునామాed.
అప్లోడ్ the signed PY ఆడిట్ నివేదిక as PDF. CORAA's OCR extracts the closing balance per లెడ్జర్ from the Schedule III BS and P&L. Works on Indian ఆడిట్ నివేదిక formats from any ఆడిట్ సంస్థ.
When no PY ఆడిట్ నివేదిక is available (or to supplement it), upload the PY Trial Balance as Excel. CORAA matches లెడ్జర్లు between PY and CY by GL Code first, then by name.
The SA 510 Working Paper lists every లెడ్జర్ with PY closing, CY opening, and variance. Variances above threshold are highlighted; zero-variance లెడ్జర్లు can be collapsed.
When no PY ఆడిటర్ existed (new entity, change of ఆడిటర్), SA 510 first-year procedures apply. CORAA prompts for: management representation, physical asset verification, balance confirmations from third parties, and review of PY books if available.
