International Standard on Auditing 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)
ISA 600 (Revised) deals with special considerations that apply to a group audit, including when component auditors are involved. The standard includes new and revised requirements and application material that better aligns the standard with recently revised standards, such as International Standard on Quality Management 1 and International Standards on Auditing 220 (Revised) and ISA 315 (Revised 2019). 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.
ISA 600 (Revised) will be effective for audits of group financial statements for periods beginning on or after December 15, 2023.