NEW! Revised standard for group audits

13 May 2022
Accounting
South African Accounting Academy

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

ISA 600 (Revised) deals with special considerations that apply to a group audit, including when component auditors are involved. The standard includes new and revised requirements and application material that better aligns the standard with recently revised standards, such as International Standard on Quality Management 1 and International Standards on Auditing 220 (Revised) and ISA 315 (Revised 2019).

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) will be effective for audits of group financial statements for periods beginning on or after 15 December 2023.

Click here to download the Revised ISA 600:

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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