ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors) is operative for financial-reporting periods commencing on or after 15 December. You might be a group or component auditor. You will need to know what has changed and what you now must do. This will require considerable planning.
ASA 600 is closely aligned to the recently revised quality-management suite of standards that strengthens and improves results by adopting a risk-based approach to group auditing.
ASA 600 is expected to enhance audit quality by reinforcing the accountability and ultimate responsibility of the group engagement partner, adopting a risk-based approach to planning and performing a group audit engagement, and emphasising the need for robust communication and interactions among group and component auditors.
This session is the first of three on ASA 600 that examine key changes from the old to the revised standard. Other sessions will feature in later series.
