IAASB's Group Audits Task Force Issued a Project Update

Oct 19, 2017 | New York, New York | English

The International Auditing and Assurance Standards Board (IAASB)’s Group Audits Task Force has issued a Project Update. The Project Update outlines the issues under consideration in the revised International Standard on Auditing (ISA) 600, Special Considerations‒Audits of Group Financial Statements, and other projects that address additional international standards. This includes: ISA 220, Quality Control for an Audit of Financial Statements, and International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements. The Project Update also explains the linkages between these projects as they relate to group audit issues.

Key Takeaways

  • ISA 600 deals with special considerations that apply in audits of group financial statements (group audits). Many of the requirements of ISA 600 are, therefore, drafted in the context of requirements in other standards. The IAASB recognizes that there is a strong linkage between the IAASB’s work to clarify and strengthen ISA 600 and the projects to revise other standards, in particular ISQC 1, ISA 220, and ISA 315 (Revised).
  • Some foundational issues to be dealt with in the ISA 600 revisions need to be first considered and addressed in these other projects, i.e., such that the Group Audits Task Force can appropriately build on the revised requirements and application material in making necessary revisions to ISA 600.
  • The Group Audits Task Force is working cooperatively with the task forces responsible for the revisions of ISQC 1, ISA 220, and ISA 315 (Revised) and providing input as proposed revisions to these standards progress. This interaction with the other task forces will enable the Group Audits Task Force to be well positioned to reflect the revisions to these other standards in the context of ISA 600, and provide the additional context of the special considerations relevant to their application to group audits.
 
 

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