IRBA adopts Revised ISA 600

30 August 2022
Auditing and Assurance
South African Accounting Academy

The International Auditing and Assurance Standards Board (IAASB) issued International Standard on Auditing (ISA) 600 (Revised), Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors), on 7 April 2022.

The IRBA approval includes Conforming and Consequential Amendments to Other International Standards. ISA 600 (Revised) is a significant step forward in the efforts to enhance the consistent performance of quality group audit engagements; and it also supports the IRBA's strategy for renewed confidence and trust in the auditing profession.

The new and revised requirements also strengthen the auditor’s responsibilities related to:

Professional skepticism
Planning and performing a group audit
Two-way communications between the group auditor and component auditors
Documentation

The new and revised requirements also strengthen the auditor’s responsibilities related to professional skepticism; planning and performing a group audit; two-way communications between the group auditor and component auditors; and documentation.

ISA 600 (Revised) is effective for audits of group financial statements for periods beginning on or after 15 December 2023.

Click here to download the revised Standard:

https://www.ifac.org/system/files/publications/files/IAASB-ISA-600-Revised.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

As an auditor and independent reviewer, you need to comply with International Standards on Auditing and other Assurance Services, and thus you need knowledge of newly revised standards that are approved as well as when they become effective.
Failure to adhere to ISAs may be interpreted as negligence and you could be held liable.

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