New ISA on audits of group financial statements
05 Oct 2007
The International Auditing and Assurance Standards Board (IAASB) has issued International Standard on Auditing (ISA) 600 (Revised and Redrafted) Special Considerations – The Audit of Group Financial Statement (Including the Work of Component Auditors).
ISA 600 is intended to assist the group engagement partner in taking responsibility for the direction, supervision, and performance of the group audit and the issue of an auditor's report that is appropriate in the circumstances. The ISA specifies the types of work that the group engagement team, or component auditors on its behalf, should perform on the financial information of significant components. Click for Press Release (PDF 35k). ISA 600 is effective for audits of financial periods commencing on or after 15 December 2009. This date is consistent with the effective date for all the standards being redrafted under the IAASB's Clarity project (see our News Story of 2 October 2007).
