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More About This Title Audit Risk Alert: Understanding the Responsibilities of Auditors For Audits of Group Financial Statements
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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:
- Technical Questions & Answer sections
- An analysis of applicability
- A breakdown of new terminology
- An exploration of how practice will be affected
- Special considerations for state and local governments
- Implementation case studies
This alert has been updated for the issuance of SAS No. 127, Omnibus Statement on Auditing Standards.
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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.
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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
