31386 paragraphs found
Factors that may affect the group engagement team’s involvement in the work of the component auditor include: The significance of the component; The identified significant risks of material misstatement of the group financial report; and The group …
Forms of involvement in the work of a component auditor other than those described in paragraphs 30‑31 and 42 may, based on the group engagement team’s understanding of the component auditor, include one or more of the following: Meeting with component …
The consolidation process may require adjustments to amounts reported in the group financial report that do not pass through the usual transaction processing systems, and may not be subject to the same internal controls to which other financial …
The group engagement team’s requirements are often communicated in a letter of instruction. Appendix 5 contains guidance on required and additional matters that may be included in such a letter of instruction. The component auditor’s communication with …
In cooperating with the group engagement team, the component auditor(s), for example, would provide the group engagement team with access to relevant audit documentation if not prohibited by law or …
Where a member of the group engagement team is also a component auditor, the objective for the group engagement team to communicate clearly with the component auditor can often be achieved by means other than specific written communication. For example: …
Reviewing the Component Auditor’s Audit Documentation (Ref: Para. 42(b)) …
What parts of the audit documentation of the component auditor will be relevant to the group audit may vary depending on the circumstances. Often the focus is on audit documentation that is relevant to the significant risks of material misstatement of …