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General Accounting Discussions: Beginning Balances

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    Let's say that in 2006, the Company issued Compiled financial statements and filed their tax return. Now in 2007 this is a new client and they are requesting an audit of their 2007 financial statements. Well as part of your test work you need to verify that your beginning balances are accurate. My dilema is that my Mgr is claiming that using the PY tax return is sufficient for testing beginning balances. How is that so? Especially if the PY financial statements were a Compilation. How does that satisfy that the beginning balances are accurate?

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