John Selwood's Q&As
The audit of groups can create challenges and raise difficult issues for group auditors, even when they audit every group component.
When it comes to group audits, most technical queries relate to the audit of group accounts where components are audited by other firms of auditors. These have been addressed many times before in Audit & Beyond. The questions in this issue relate to group audits where the same audit firm or team audits the whole group and an issue arising from the component auditor’s point of view.
Q: If we do all of the group audit ourselves rather than use component auditors, is the fact that it is a group audit relevant to us as auditors?
A: In short, yes. However, the vast majority of issues that group auditors need to address will be very straightforward for you. As you have audited all group components it is very easy to satisfy yourself that you have sufficient appropriate audit evidence for the purposes of auditing the group financial statements. What is sometimes forgotten in these situations is the...
This is an extract from an article in the June 2014 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty.
Find out more
- Download the complete article: John Selwood's Q&As
Not yet a faculty member?
Not yet a member? To get access to all future publications, events, webinars and services, join the Audit and Assurance Faculty today.