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auditors report on group fs means he is expressing opinion on both parent as well as components. is that right .
if that is the case , all individual components will have an audit report on its own + a group audit report by the group auditor >
That’s not quite how it works
The group auditor is expressing an opinion on the view of the group’s (consolidated) financial statements and an opinion on the parent entity’s statement of financial losition
The component auditors express their opinion on the subsidiaries and the group auditor has to place a degree of reliance on the work of these other auditors
That’s why we have ISA 600 Using the Work of Another Auditor
The subsidiaries themselves are subject t audit by those firms that are duly appointed to audit those subsidiaries, but those same auditors have no responsibility to include any audit report relating to the group financial statements within those subsidiary audit reports
Is that clear?
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