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Audit and Beyond
The changing nature of group audits
Gain insights from auditors on key ISA 600 revisions, changes of emphasis and focus, plus good practices for group and component auditors.
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Audit and Beyond
Communicating clearly in group audit engagements
Effective two-way communication between the group and component auditors is key under ISA 600. Helen Pierpoint considers associated challenges and shares tips on communicating with non-native English-speakers.
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Audit and beyond
Reminders on group audit
Key issues for group and component auditors in the revised ISA 600, opportunities to improve audit work on consolidation and financial reporting, and small audit firm considerations.
Podcast
Group audit and the forthcoming AI Bill
In this episode, we recap revisions to ISA 600 on group audit, and we discuss the likely contents of the AI Bill that is expected to be brought to Parliament before the end of the year.
Planning your audit of groups
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AUDIT AND ASSURANCE FACULTY
Scoping and materiality on group audits
- Helpsheets and support
- Dec 2018
- Audit and Assurance Faculty
Scoping is probably the single most critical element of a group audit. If group auditors get this wrong, there will be little they can do to salvage the audit because they will either be doing too much and inefficiently, or too little and non-compliant.
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AUDIT AND ASSURANCE FACULTY
Communications and group audit instructions
- Article
- Dec 2018
- Audit and Assurance Faculty
An efficient and effective group audit requires channels of two-way communication between all the parties involved.
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AUDIT AND ASSURANCE FACULTY
Logistics on group audits
- Helpsheets and support
- Dec 2018
- Audit and Assurance Faculty
While the requirements of ISAs present their own problems in group audits, the sheer scale and complexity of some group audits and their logistics are among the biggest headaches auditors face.
AUDIT AND ASSURANCE FACULTY
INTERNATIONAL ACCOUNTING AUDITING AND ETHICS
Materiality in the audit of financial statements
- Helpsheets and support
- Apr 2018
- International Accounting and Auditing
Applying the materiality requirements in International Standards on Auditing (ISAs) can be challenging. As highlighted in inspection findings, reviews and from experience in practice, it’s an area where improvement could be made.
Performing your audit of groups
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AUDIT AND ASSURANCE FACULTY
Auditing the consolidation
- Helpsheets and support
- Dec 2018
- Audit and Assurance Faculty
Much of the time spent on a group audit is taken up dealing with the various components that make up the group. But the consolidation itself also needs to be audited. The complexity of this process varies enormously.
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AUDIT AND ASSURANCE FACULTY
Review of component auditor work
- Article
- Dec 2018
- Audit and Assurance Faculty
If group auditors wish to use the work performed by component auditors, group auditors must be satisfied that component auditors are sufficiently competent and independent.
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AUDIT AND ASSURANCE FACULTY
Shared service centres and group audits
- Helpsheets and support
- Dec 2018
- Audit and Assurance Faculty
Many companies now use shared service centres. Such centres provide information processing services and other services related to the finance function to multiple components in a group.
Reporting on your audit of groups
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AUDIT AND ASSURANCE FACULTY
Reporting by component auditors and other completion procedures
- Helpsheets and support
- Dec 2018
- Audit and Assurance Faculty
Component auditor reports to group auditors for group audit purposes prompt various matters for consideration.
AUDIT AND ASSURANCE FACULTY
Preparing an audit report for a group - combined audit report for the group and parent company
- Helpsheets and support
- Sep 2018
- Audit and Assurance Faculty
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.
AUDIT AND ASSURANCE FACULTY
Preparing an audit report for a group: separate audit reports for the group and parent company
- Helpsheets and support
- Mar 2021
- Audit and Assurance Faculty
This guide is designed to explain the main changes that are needed to the separate audit reports of a group and parent company compared to that of a company only.
Specific challenges when auditing groups of companies
AUDIT AND ASSURANCE FACULTY
Guide to the impact of the war in Ukraine on group auditors
- Helpsheets and support
- 24 Mar 2022
- Audit and Assurance Faculty
This guide explores issues faced by UK group auditors with overseas component auditors in light of the Ukraine conflict.
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AUDIT AND ASSURANCE FACULTY
Non-coterminous year ends, inconsistent accounting policies and subsidiary audit exemption
- Helpsheets and support
- 03 Dec 2018
- Audit and Assurance Faculty
ISA 600 does not cover everything that creates problems for auditors. The following areas pose particular challenges for auditors and need to be dealt with carefully: non-coterminous year-ends; aligning inconsistent accounting policies; and subsidiary audit exemption and the audit of balances.
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AUDIT AND ASSURANCE FACULTY
Letterbox companies
- Helpsheets and support
- 03 Dec 2018
- Audit and Assurance Faculty
Letterbox companies are companies or groups of companies where the general and financial management and the company's operations are located in a different jurisdiction to that of the company's legal registration.
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