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Group Audits – AASB

Date recorded:

At its meeting on March 4-5, 2019, the AASB provided input to the IAASB members from Canada on the IAASB’s project to revise International Standard on Auditing (ISA) 600, Special Considerations — Audits of Group Financial Statements (Including the Work of Component Auditors). The Board discussed: (i) the use of a top-down, risk-based approach to scoping group audits; (ii) definitions of component, significant component and group engagement team; and (iii) the need for further clarification of component materiality considerations. The Board will continue to discuss this project at future meetings.

Review the executive summary on the AASB's Web site.

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