The following procedures could be applied to review the opening balances in the draft financial statements:

1. Verify Closing Balances from Previous Year:
   • Determine whether the closing balances of 2014 have been correctly brought forward as opening balances in 2015.
2. Accounting Policies:
   • Ensure that the opening balances reflect the consistent application of appropriate accounting policies from the prior period.
3. Review Predecessor Auditor’s Working Papers:
   • Review the predecessor auditor’s working papers to obtain evidence regarding the opening balances.
4. Audit of Non-current Assets:
   • For non-current assets, examine the accounting records and other underlying information to confirm the opening balances.
5. Audit of Current Assets and Liabilities:
   • For current assets and liabilities, obtain audit evidence from current period audit procedures, such as verifying collections of accounts receivable and payments of accounts payable during the current period.
6. Inventory Verification:
   • For inventories, observe a current physical inventory count and reconcile it to the opening inventory quantities. Additionally, perform audit procedures on the valuation of the opening inventory and check gross profit and cut-off.
7. Consistency in Accounting Policies:
   • Obtain sufficient audit evidence to ensure that accounting policies reflected in the opening balances have been applied consistently in the current period’s financial statements and that any changes have been properly accounted for and disclosed.
8. Review of Prior Year Financial Statements:
   • Read the most recent financial statements and the predecessor auditor’s report for information relevant to the opening balances.