In today’s global economy, many U.S. companies have significant operations in foreign jurisdictions, including in emerging markets, and many multinational companies domiciled in foreign jurisdictions are listed on U.S. securities exchanges. Such cross-border operations pose unique challenges for members of the financial ecosystem (e.g., companies, investors, auditors, and regulators) because of a number of factors — including a myriad of laws and regulations, access to information, the ability to conduct oversight, and different professional standards. As a result, auditing standard setters have added group audits to their agendas and have ongoing projects to revise their standards, with the goal of improving audit quality. The United States is also strengthening regulatory oversight of U.S.-listed companies that are based in emerging markets, as well as of those companies’ external auditors. Therefore, it is important for multinational companies listed in the United States to remain aware of recent regulatory and standard-setting activities and to understand their impact on the environment in which the companies operate.  This Heads Up discusses recent activities related to group audits.