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Dear tutor
I don’t understand why for Hyancinth, the answer has mentioned component auditor. H is still audited by the group auditor Crocus&Co, how the answer mentioned the group auditor ” should instructing the component auditor to carry out specific procedures on intra- group balances and transations”
Many thanks
Each company will have its own audit – the parent company’s auditor will still have to communicate with/give instruction to the auditors of the components about work needed for the consolidation. Only the parent company and group auditor is interested in the intra-group balances and transactions because they have to be eliminated in the consolidation – please see s.6 of our notes (pages 99/100).
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