Yes, but you can also just easily trap the error...
Code:
    On error goto errhandler  
    Dim iFile As Integer
    iFile = FreeFile
    Open PathAndFileName For Input As #iFile
        ' do something
    Close #iFile

    Exit Sub ' or function
errhandler:
    ' trap the several errors that can occur here...
    ' don't forget to close the file if another error occured then "does not exist"
    msgbox Err.Number & "  -  " & Err.Description