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Various levels of components may exist within the group financial reporting system, in which case it may be more appropriate to identify components at certain levels of aggregation rather than …
Components aggregated at a certain level may constitute a component for purposes of the group audit; however, such a component may also prepare a group financial report that incorporate the financial information of the components it encompasses (that is, …
As the individual financial significance of a component increases, the risks of material misstatement of the group financial report ordinarily increase. The group engagement team may apply a percentage to a chosen benchmark as an aid to identify …
The group engagement team may also identify a component as likely to include significant risks of material misstatement of the group financial report due to its specific nature or circumstances (that is, risks that require special audit consideration [14] …
A member of the group engagement team may perform work on the financial information of a component for the group audit at the request of the group engagement team. Where this is the case, such a member of the engagement team is also a component …
When the group audit opinion is modified because the group engagement team was unable to obtain sufficient appropriate audit evidence in relation to the financial information of one or more components, the Basis for Modification paragraph in the auditor’s …
Obtaining an Understanding at the Acceptance or Continuance Stage (Ref: Para. 12) …