106 paragraphs found
The objectives of the auditor are: To determine whether to act as the auditor of the group financial report; and If acting as the auditor of the group financial report: To communicate clearly with component auditors about the scope and timing of their …
If a component auditor performs an audit of the financial information of a significant component, the group engagement team shall be involved in the component auditor’s risk assessment to identify significant risks of material misstatement of the group …
A component auditor may be required by statute, regulation or for another reason, to express an audit opinion on the financial report of a component. In that case, the group engagement team shall request group management to inform component management of …
The group engagement team shall communicate its requirements to the component auditor on a timely basis. This communication shall set out the work to be performed, the use to be made of that work, and the form and content of the component auditor’s …
The group engagement team’s understanding may include matters such as the following: The group structure, including both the legal and organisational structure (that is, how the group financial reporting system is organised). Components’ business …
The auditor is required to identify and assess the risks of material misstatement of the financial report due to fraud, and to design and implement appropriate responses to the assessed risks. [17] Information used to identify the risks of material …