International standards on auditing (ISAs) apply to the audits of groups of companies and ISA 600 specifically deals with special considerations that apply to group audits.
The need to improve the quality of group audits is highlighted in the results of external regulatory inspections, particularly in relation to oversight of the work of component auditors and the sufficiency of information from the component auditor to support the group audit opinion.
We can conclude from these regulatory findings, and from experience in practice, that group audits present real challenges for auditors, many of which relate to the need to work effectively with others.
Continue reading
This content is not freely available. To access 'Auditing group financial statements and ISA 600' you need to be one of the following:
ACA student
This content is available to ACA students. If you want to start the ACA qualification there are several routes you can take
Audit and Assurance Faculty
Stay ahead of the curve with our expert guidance, trusted technical resources and practical insights.