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This Audit Risk Alert is intended to help auditors understand and implement the requirements of the new AU-C section 600, Statement on Auditing Standards -Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors)
It was developed to present issues that auditors may face in their current audits; focusing on emerging practice issues and current auditing developments.
The new AU-C section 600 is much more broad than previous guidance and introduces a number of new terms, concepts, and requirements related to group audits that will significantly affect current practice.
To assist auditors in implementing the provisions of AU-C section 600, this alert includes a variety of useful resources including:
This alert has been updated for the issuance of SAS No. 127, Omnibus Statement on Auditing Standards.
Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession’s technical and ethical standards.
The AICPA’s founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.
Understanding the Responsibilities of Auditors for Audits of Group Financial Statements—2013 .01-.177
What Are Group Audits? .01-.03
Organization of This Alert .04
Introduction to the Clarified Statements on AuditingStandard .05-.20
Applicability of AU-C Section 600 .11-.17
Objectives of AU-C Section 600 .18
Definitions .19-.20
Overview of AU-C Section 600 .21-.72
Responsibilities of the Group Engagement Team .22-.72
How AU-C Section 600 Will Affect Practice .73-.161
General Practice Considerations .78-.103
Specific Application Considerations—All Group Audits .104-.138
Additional Requirements Applicable When Assuming Responsibility for the Work of a Component Auditor .139-.146
Considerations Specific to Audits of State and Local Governmental Entities .147-.161
Resource Central .162-.172
Publications .163
AICPA Online Professional Library: Accounting and Auditing Literature .164
Continuing Professional Education .165-.168
Webcasts .169
Member Service Center .170
Hotlines .171-.172
Appendix A—Questions and Answers .173
Appendix B—Decision-Making Flowchart .174
Appendix C—Examples .175
Appendix D—Applying Group Materiality to Components .176
Appendix E—Additional Internet Resources .177
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The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.
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