Engagement
Opening Balance & Prior-Period Restatement Review
Support when a new auditor must verify opening balances or when prior-period corrections affect the current year’s financial statements.
Request a Planning Call
Who it is for
Companies changing auditors or correcting prior errors
Boards appointing Harbor Balance as successor auditor, or finance teams correcting classification and cut-off errors that affect retained earnings.
Opening balances set the floor for the current year’s opinion. We test continuity of equity, agree significant balances to prior reports, and evaluate whether proposed restatements are complete before current-year fieldwork begins.
- Duration
- Three to six weeks depending on access to prior working papers.
- Delivery
- File review at our Nara office or yours, with a written conclusion on opening balance reliability.
- Preparation
- Prior-year financial statements, auditor correspondence, and proposed adjusting entries.
- Fee basis
- Quoted after reviewing prior auditor files and the nature of proposed restatements. Smaller single-issue reviews often fall between ¥420,000 and ¥900,000.