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Group Audits – AASB

Date recorded:

At its meeting on November 30/December 1, 2020, the AASB provided input to the IAASB members from Canada on issues related to the IAASB’s project to revise ISA 600. Key issues discussed included: (i) clarifying the scope of the proposed standard as it relates to entities with branches or divisions; (ii) explaining the group engagement teams’ determination of components for planning and performing the group audit; (iii) enhancing the linkages to ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement; ISA 330, The Auditor’s Responses to Assessed Risks; and ISA 220 (Revised), Quality Management for an Audit of Financial Statements; (iv) strengthening the guidance on involving component auditors and their role in a group audit; and (v) removing the concept of significant components in the proposed standard.

Review the Executive Summary on the AASB's Web site.

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