Group Audits – AASB

Date recorded:

At its meeting on September 9-10, 2019, the AASB provided input to the IAASB members from Canada on issues related to the IAASB’s project to revise ISA 600. The Board discussed:

  1. using the “consolidation process” as a basis for determining whether an entity or business unit is a component;
  2. including a requirement for the group engagement partner to review the overall audit strategy;
  3. the importance of aggregation risk;
  4. component materiality; and
  5. various access issues at the component level related to people and information.

The AASB will continue to discuss this project at future meetings.

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

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