How To Conduct a Proper Group Audit Engagement
Author: Salvatore Collemi
| 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.
Publication Date: October 2023
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
- SAS 149 - New Group Audit Standard
- Application Questions
- Technical Resources
Learning Objectives
- Identify 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
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
General knowledge of AICPA AU-C 600
Advance Preparation
None
