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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.
Prerequisite: Basic audit knowledge
Advanced Preparation: None