How to Conduct a Proper Group Audit Engagement (Completed)

Date: Tuesday, October 16, 2018
Instructor: Salvatore Collemi
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs

Provide both practical and insightful perspectives on how an auditor can properly conduct a group audit engagement under AICPA Standard AU-C 600, Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors). You'll learn the key responsibilities of being the group auditor and component auditor and the strategies to use when performing such engagements, which are essential for these types of audits. You'll acquire the key requirements of AU-C 600 and a clearer understanding of what is needed to properly perform such engagements under Professional Standards.

Who Should Attend
Practitioners in public practice who conduct audits of privately-held entities that have more than one component.

Topics Covered

  • Understanding a Component
  • Determining Whether You're the Group Auditor
  • Understanding the Group
  • Group Materiality and Component Materiality
  • Component Auditors
  • Communications with Component Auditors
  • Communications with Management and Those Charged With Governance
  • Group Audit Documentation
  • Group Audit Reporting

Learning Objectives

  • Describe the key requirements of AU-C Section 600, Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors)
  • Identify group audit strategies, calculation of group materiality, and component materiality
  • Identify group auditor responsibilities when referring to component auditors' reports in a group audit report with different financial reporting frameworks and auditing frameworks

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
General knowledge of AICPA AU-C 600

Advance Preparation
None

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