At its meeting on November 29-30, 2021, the AASB discussed issues related to the IAASB’s project to revise ISA 600. Key issues discussed included: (i) further clarification required of the actions the group auditor considers when communications from the component auditor are not adequate for the group auditor’s purposes; (ii) clarifying the requirement regarding the group auditor communicating with component auditors matters that the group auditor or component auditor determines to be relevant to the design of responses to the assessed risks of material misstatement; (iii) support for retaining the sentence outlining the expectation that component auditor audit documentation does not need to be replicated in the group auditor file; (iv) a review of the conforming and consequential amendments related to ISA 600; (v) a review of the disposition of comments showing how issues raised in the AASB’s response letter to the ISA 600 exposure draft were addressed; and (vi) implementation risks and plan to develop guidance to support the implementation of CAS 600. The IAASB is expected to approve ISA 600 (Revised) at the December 2021 meeting. The AASB would approve CAS 600 in early 2022.

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