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There were two articles in P7 technical article section related to “Group Auditing” and “Group Audit Issues” but I cannot find it anymore. Does that mean it is not relevant anymore? There were parts about performance materiality which I have no context of.
It means it is out of date (the referenced “clarity project” was completed in 2009 (!)
The materiality part of it is, however, still relevant – and you can find the article here https://www.accaglobal.com/lk/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/group-auditing.html
What should I study to gain knowledge of Group Audit?
5. Group audits
a) Recognise the specific matters to be considered before accepting appointment as group auditor to a group in a given situation.[3] I found the points in open tuition but where can I find the explanations?
b) Identify and describe the matters to be considered and the procedures to be performed at the planning stage, when a group auditor considers the use of the work of component auditors.[3]Is the article you provided still relevant for 2020?
The entire article – NO – that’s why it’s been withdrawn
As I said, the component materiality part of it – which you were referring to – is still relevant.
The full text of standards can be downloaded from IFAC www for free: https://www.iaasb.org/publications/2018-handbook-international-quality-control-auditing-review-other-assurance-and-related-services-26
If you look at the contents of ISA 600 on page 628, for example, “acceptance and continuance” is just 3 paras of which the 3rd is stating that it is the group engagement partner who agrees the terms of the group engagement (which you might have guessed as a matter of commonsense). Para 12 is pointing to the fact that it is the essence of group financial statements that gives rise to the specific matters to consider – namely that those financial statements will be consolidated and that individual entity financial statements may be audited by component auditors.
Considering the use of component auditors (para 19) should seem quite similar to considering the use of internal audit – independent? component? sufficiency of work?
Thank you so much! I have BPP Study text which is relevant for exams tile June 2017, can I use that to gain information for December 2020 exams for “Group Auditing” related topic only. I am currently very stressed about it since I do not have a tutor providing me guidance in this part. 🙁
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