Key Takeaways

• ISA 600 deals with special considerations that apply in audits of group financial statements (group audits). Many of the requirements of ISA 600 are, therefore, drafted in the context of requirements in other standards. As noted in Enhancing Audit Quality: Project Proposal for the Revision of the IAASB’S International Standards Relating to Quality Control and Group Audits (project proposal), the IAASB recognizes that there is a strong linkage between the IAASB’s work to clarify and strengthen ISA 600 and the projects to revise other standards, in particular ISQC 1, ISA 220, and ISA 315 (Revised).
• Some foundational issues to be dealt with in the ISA 600 revisions need to be first considered and addressed in these other projects, i.e., such that the Group Audits Task Force can appropriately build on the revised requirements and application material in making necessary revisions to ISA 600.
• The Group Audits Task Force is working cooperatively with the task forces responsible for the revisions of ISQC 1, ISA 220, and ISA 315 (Revised) and providing input as proposed revisions to these standards progress. This interaction with the other task forces will enable the Group Audits Task Force to be well positioned to reflect the revisions to these other standards in the context of ISA 600, and provide the additional context of the special considerations relevant to their application to group audits.

Review the press release and the project proposal on the IAASB's website.