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Group Audits: Clarifying the Complexities

Author/Moderator: Renee Rampulla, CPA, CGMA
Publisher: AICPA
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As a result of the AICPA's Auditing Standards Board's Clarity Project, a new standard has been developed that provides clearer requirements and guidance for the audit of group financial statements, particularly those audits involving work performed by other auditors. AU-C section 600, Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors), changes terminology, more clearly articulates a group auditor's responsibilities (formerly known as the "Principal Auditor") which includes the extent of their involvement in the work of a component auditor (formerly referred to as the "other auditor"). The course provides explanations, examples, and discussions on key issues, identifies areas that group auditors and component auditors need to understand, and provides you with a plain English understanding of all they key concepts related to group audits. As an added bonus, when applicable, this course highlights some of the unique audit considerations for group audits involving state and local governments.

Topics Discussed

  • Understanding why the clarified auditing standards were issued
  • Identifying the key issues related to group audits
  • Overall responsibilities of group and component auditors
  • Developing a group audit strategy
  • Interacting with component auditors
  • Details of the audit reports issued on the group financial statements
  • When applicable, audit considerations for group audits involving state and local governments

Objectives:

  • Identify key group audit concepts.
  • Understand the overall group auditor responsibilities when deciding to serve as the group auditor.
  • Develop a group audit strategy.
  • Identify, communicate with, and understand component auditors and their involvement in the audit.
  • Identify group auditor responsibilities when making reference to the work of a component auditor vs. assuming responsibility for the component auditor work.
  • Gain an understanding of group engagement team involvement with the component auditor and their work.
  • Identify the audit reports issued on the group financial statements.

Prerequisite: Basic audit knowledge

Advanced Preparation: None

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NASBA Field of Study: Auditing
Level: Intermediate
Recommended CPE Credit: 10
Group Audits: Clarifying the Complexities
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Product# 736510
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