Explain briefly the responsibilities of an 'incoming auditor' (following a change of auditor) in respect of the period's financial statement 'opening balances' in the current period’s financial statements.

1) Explain the significance of substantive testing in the audit process.

2) Explain the terms 'misstatement' and 'financial statement assertions'

3) State the objectives of substantive procedures

4) Discuss the purpose and importance of analytical procedures as substantive tests