164 paragraphs found
Group financial report means a financial report that includes the financial information of more than one component. The term “group financial report” also refers to combined financial reports aggregating the financial information prepared by components …
Group management means management, or those charged with governance, responsible for the preparation of the group financial report. …
Group wide controls means controls designed, implemented and maintained by group management over group financial reporting. …
Significant component means a component identified by the group engagement team (i) that is of individual financial significance to the group, or (ii) that, due to its specific nature or circumstances, is likely to include significant risks of material …
Reference to “ the applicable financial reporting framework ” means the financial reporting framework that applies to the group financial report. Reference to “the consolidation process” includes: The recognition, measurement, presentation, and …
The group engagement partner is responsible for the direction, supervision and performance of the group audit engagement in compliance with professional standards and applicable legal and regulatory requirements, and whether the auditor’s report that is …
In applying ASA 220, the group engagement partner shall determine whether sufficient appropriate audit evidence can reasonably be expected to be obtained in relation to the consolidation process and the financial information of the components on which to …
If the group engagement partner concludes that: it will not be possible for the group engagement team to obtain sufficient appropriate audit evidence due to restrictions imposed by group management; and the possible effect of this inability will result …
The group engagement partner shall agree on the terms of the group audit engagement in accordance with ASA 210. [5] (Ref: Para. A20‑A21) …
The group engagement team shall establish an overall group audit strategy and shall develop a group audit plan in accordance with ASA 300. …