Course Description

Synopsis:

SSA 600 (Revised) Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) reshapes how group audits are carried out, including the introduction of a new risk-based approach and enhanced requirements over direction and supervision of component auditors. SSA 600 (Revised) is effective for audits of financial statements for periods beginning on or after 15 December 2023. 

To support the profession in the implementation of the revised standard, ISCA developed Audit Bulletin (AB) 6 to raise awareness of the key changes and provide guidance to address implementation challenges. This includes applying the new risk-based approach in planning and performing a group audit engagement. AB 6 also features illustrative examples that provide practical insights into applying the new and enhanced requirements effectively.

This module covers the contents of AB 6. Topics covered include:

• Key Objectives and Revisions
• Applying the New Risk-Based Approach
• Materiality
• Direction and Supervision of CAs and Review of Their Work
• Documentation and Retention of Audit Evidence
• Restrictions on Access to Information and People
• Illustrative Examples

Intended For:

• Audit Professionals / PAIP

Competency Mapping: 

• CPE Category 3 = 1.0 CPE Hour