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Group Audits – IAASB

Date recorded:

At its meeting on March 11-15, 2019, the IAASB was updated on the work performed by the Group Audit Task Force since the start of the project to revise ISA 600 and was asked for its views on issues related to scoping a group audit, the definitions, and the linkages with other ISAs. The Board continued to support developing a risk-based approach for scoping a group audit and generally supported the Group Audit Task Force’s approach on the definitions and the issues that were presented in relation to the responsibilities of the group engagement partner, acceptance and continuance, understanding the group and its components, understanding the component auditor, identifying and assessing the risks of material misstatement and responding to assessed risks, the consolidation process, communication between the group auditor and component auditors, and evaluating the audit evidence obtained.

These and other issues need to be further developed in the context of the risk-based approach and changes made to other of the IAASB’s International Standards. The Group Audit Task Force will continue to work on the issues related to scoping a group audit, the definitions and other issues identified in the Invitation to Comment, Enhancing Audit Quality in the Public Interest, issued in December 2015, and will present it for further discussion at the June 2019 IAASB meeting.

Review the summary, including the podcast, on the IAASB's Web site.

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