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This guide was last updated in September 2018 and is based on the relevant laws and regulations that apply as at 1 September 2018. The only changes since the last version of the guide are to the use of the audit report section to reflect the release of Technical Release 01/03AAF (Revised).

This guide is designed to explain the main changes that are needed to the audit report of a group compared to that of a company only. It does not seek to explain every difference, just the key areas to consider as a result of the differing legal and regulatory requirements.

The example wording in this guide has been adapted from the company examples in the FRC’s Compendium of illustrative auditor’s reports. For the purposes of this guide it has been presumed that the parent company is not listed nor a Public Interest Entity as defined by the EU Regulation. It is also presumed that the group and parent company financial statements are being reported on in the same audit report. A separate guide has been prepared which explains the changes where the group and parent company financial statements are reported on in separate audit reports.

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