Key Considerations Regarding the Audit of the Group Financial Statements under Clarified ISA 600

Author:Adriana ILIESCU

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Keywords:significant component, audit evidence expected, materiality, group engagement team, component auditor

Abstract:
This article identifies and discusses key considerations under Clarified ISA 600 Special considerations-Audit of Group Financial Statements (Including work of Component Auditors) and how these reflect into practice. \r\n These aspects need to be taken into consideration by the group engagement teams, especially in the group audit planning stage and subsequently during the entire audit, raising practical problems such as:\r\n- How does the group partner decide which of the components will be subject to audit, based on certain criteria;\r\n- How much and in what circumstances the group auditor may rely on audit procedures performed by other auditors (in or outside its own network);\r\n- What are the minimum requirements of the standards in terms of communication between auditors and what obstacles may arise in this respect.\r\n\r\n

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