Reminder: Effective date of ISA 600 (Revised): Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors)

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Reminder: Effective date of ISA 600 (Revised): Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors)

• 04 December 2023
• Audit
• 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. Go to https://www.iaasb.org/publications/international-standard-auditing-600-revised-special-considerations-audits-group-financial-statements for more information on this issuance.

In August 2022, the IRBA Board approved ISA 600 (Revised) for adoption, issue and prescription for use by auditors in South Africa. 

(refer to our Technical Alert dated 30 August 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.

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.

Relevance to Your Clients:

• None

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