One of the standard that saw significant changes when the Clarified Standards were issued is ISA 600 on the auditor’s responsibility for group financial statements, including considerations when working with components and component auditors Many best practices in the past relating to group audits have now become explicit requirements as a result of the change to this standard The revised and redrafted ISA 600 also places enhanced responsibility on the group engagement team/partner, from accepting a group audit engagement, group wide risk assessment planning, obtaining sufficient appropriate audit evidence and group reporting.
