Microsoft Word A033 2010 iaasb handbook isa 600

Application and Other Explanatory Material 

 

Components Subject to Audit by Statute, Regulation or Other Reason  .........  

A1 

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SPECIAL CONSIDERATIONS—AUDITS OF GROUP FINANCIAL STATEMENTS  

(INCLUDING THE WORK OF COMPONENT AUDITORS) 

ISA 600 

 

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Definitions  ................................................................................................  

A2

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A7 

Responsibility  ...........................................................................................  

A8

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A9 

Acceptance and Continuance  ....................................................................   A10

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A21 

Overall Audit Strategy and Audit Plan  .....................................................  

A22 

Understanding the Group, Its Components and Their Environments  .......   A23

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A31 

Understanding the Component Auditor  ....................................................   A32

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A41 

Materiality  .................................................................................................   A42

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A46 

Responding to Assessed Risks  ..................................................................   A47

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A55 

Consolidation Process  ...............................................................................  

A56 

Communication with the Component Auditor  ..........................................   A57

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A60 

Evaluating the Sufficiency and Appropriateness of Audit Evidence  

Obtained  .............................................................................................   A61

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A63 

Communication with Group Management and Those Charged with 

Governance of the Group  ...................................................................   A64

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A66 

Appendix 1: Example of a Qualified Opinion Where the Group  

Engagement Team Is Not Able to Obtain Sufficient Appropriate  

Audit Evidence on Which to Base the Group Audit Opinion  

Appendix 2: Examples of Matters about Which the Group Engagement  

Team Obtains an Understanding  

Appendix 3: Examples of Conditions or Events that May Indicate  

Risks of Material Misstatement of the Group Financial Statements  

Appendix 4: Examples of a Component Auditor’s Confirmations  

Appendix 5: Required and Additional Matters Included in the Group  

 

Engagement Team’s Letter of Instruction  

 

 

International Standard on Auditing (ISA) 600, “Special Considerations—Audits of 

Group Financial Statements (Including the Work of Component Auditors)” should 

be read in conjunction with ISA 200, “Overall Objectives of the Independent Auditor 

and the Conduct of an Audit in Accordance with International Standards on 

Auditing.”  

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SPECIAL CONSIDERATIONS—AUDITS OF GROUP FINANCIAL STATEMENTS  

(INCLUDING THE WORK OF COMPONENT AUDITORS) 

ISA 600 

 

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