106 paragraphs found
The group engagement team obtains an understanding of a component auditor only when it plans to request the component auditor to perform work on the financial information of a component for the group audit. For example, it will not be necessary to obtain …
… the work on the financial information of a component. This Auditing Standard assists the group engagement partner to …
Component auditor means an auditor who, at the request of the group engagement team, performs work on financial information related to a component for the group audit. (Ref: Para. …
If the nature, timing and extent of the work to be performed on the consolidation process or the financial information of the components are based on an expectation that group‑wide controls are operating effectively, or if substantive procedures alone …
The nature, timing and extent of the group engagement team’s procedures to obtain an understanding of the component auditor are affected by factors such as previous experience with or knowledge of the component auditor, and the degree to which the group …
The group engagement team shall determine the following: (Ref: Para. A42) Materiality for the group financial report as a whole when establishing the overall group audit strategy. If, in the specific circumstances of the group, there are particular …
Where the group engagement team or component auditors perform audits on the financial information of components, the group engagement team or the component auditors shall perform procedures designed to identify events at those components that occur …
However, the group engagement team may be able to overcome less than serious concerns about the component auditor’s professional competency (for example, lack of industry specific knowledge), or the fact that the component auditor does not operate in an …
See ASA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of a Financial Report . …