Event Detail

Working effectively with others is vital for a quality group audit. This comprehensive training session explores the practical steps to achieve this, covering planning, execution, and completion of the group audit in accordance with SSA 600, Special considerations – audits of group financial statements.

Group audits present unique challenges: multiple entities, locations, and auditors; different laws, systems, and languages; and the critical need for coordination and evidence gathering. Regulatory scrutiny consistently highlights group audits as an area requiring significant improvement, with common issues including insufficient involvement by the group audit team in component auditor work, inadequate review of component auditor risk assessments, and poor justification of component materiality.

Whether you are the group engagement partner or a component auditor within the group, this session will equip you with practical tools to navigate the complexities of group audits. Join us as we discuss the requirements of SSA 600, practical application, and the impact on all auditors involved.

Event Outline

The revised SSA 600 is here! Are you ready for your Group audits?

Whether you are the group engagement partner, or a component auditor within the group, this standard is applicable. The new provisions may change the way you manage your group audits as an engagement partner or the way in which you communicate as a component auditor.

Join us in this session as we discuss the requirements of ISA 600, the most recent changes, and the impact thereof on the all auditors involved

• Purpose and objective of SSA 600
• What is group financial statements
• When is SSA 600 Applicable
• Difference between separate financial statement audit, group audit and component audit
• Responsibilities of the Group Auditor
• • Acceptance and continuance
  • Ethics and independence
  • Planning and risk assessment
  • Execution
  • Evaluation of work performed
• Enhanced communications

Materials Provided:

• Comprehensive slide deck
• Group audit index template
• Component instruction template
• Planning and completion checklists
• Case studies and practical examples

Key Takeaways

• Understanding SSA 600 Requirements – Gain a clear grasp of the standard's purpose, scope, and applicability to group financial statement audits.
• Defining Audit Roles – Differentiate between separate financial statement audits, group audits, and component audits, and clarify each party's responsibilities.
• Navigating Group Audit Challenges – Address unique complexities such as multiple entities, locations, legal systems, languages, and coordinating diverse audit teams.
• Managing the Full Audit Cycle – Apply SSA 600 across all stages: acceptance and continuance, ethics and independence, planning, risk assessment, execution, and evaluation of work performed.
• Improving Component Auditor Oversight – Learn how to increase group audit team involvement in component auditor work, review risk assessments thoroughly, and justify component materiality properly.
• Enhancing Communication – Implement enhanced communication protocols between group engagement partners and component auditors throughout the audit process.
• Adapting to Recent Changes – Stay up to date with the revised SSA 600/ISA 600 provisions and understand their impact on your audit approach.
• Practical Application Tools – Walk away with ready-to-use resources, including:
• • Group audit index template
  • Component instruction template
  • Planning and completion checklists
  • Case studies and practical examples

Who Should Attend

• Group Engagement Partners
• Group Audit Managers
• Component Auditors
• Quality Reviewers
• Audit Seniors & Staff