ISA 600 (Revised 2022) - Special Considerations - Audits of Group Financial Statements
ISA 600 has been revised for audit engagements of group entities with financial year ends of December 2024 or later.
Group financial statement audits often leave auditors puzzling as to what their responsibilities are. Are you required to audit each component and then the group financial statements as a whole?
Audit firms sincerely want to avoid inefficiency through double-auditing, and in order to do that, we are here to help you build a sound basis of understanding relating to ISA 600 Audit of Group Financial Statements.
ISA 570 Going Concern (Revised 2025)
In 2023 the ISA 570 Going Concern standard was proposed to be revised. An exposure draft was issued for public comment ending in August 2023.
Going concern is a subject matter that will be relevant to every single audit engagement and these amendments will impact all auditors of financial statements.
The final revised ISA 570 standard becomes effective for financial years that start on or after 15 December 2026!
ISA 220 (Revised 2020) Quality Management for an Audit of Financial Statements
The focus on quality management for auditors, audit engagements and audit firms has been ramped up in recent years.
ISQM 1 was published in order to steer the professional services firm in setting up a culture of quality and setting up various business processes to address and maintain quality, regardless of the type of engagement undertaken. ISA 220 on the other hand, was revised to hone in on raising and maintaining quality on audit engagements of a set of annual financial statements specifically.
ISA 220 (revised) was published in December 2020 and becomes effective for audit clients with financial year ends of 14 December 2023 or later.
ISA 220 is relevant to the pre-engagement phase of the audit process and its requirements apply to every audit engagement.
Understanding the implications of the revised standard will be imperative when faced with the possibility of an internal or external audit file quality review / inspection.
ISA 600 (Revised 2022) - Special Considerations - Audits of Group Financial Statements
Fundamentally the session will focus on:
ISA 570 Going Concern (Revised 2025)
Introduce you to the new standard and simplify the requirements, so that you can seriously consider early adoption.
Help you draw parallels and understand differences when compared to the previous version of the standard, in order to know how you are to act differently in your capacity as auditor
Make the requirements as practical as possible by helping you visualise what needs to be done with real world examples from audit regulator inspection findings, where possible, including illustrative wording in audit reports.
ISA 600 (Revised 2022) - Special Considerations - Audits of Group Financial Statements
ISA 600 Group Audits will be simplified relative to the following aspects:
ISA 570 Going Concern (Revised 2025)
The following aspects of the ISA 570 Going Concern (Revised 2025) will be identified, simplified and discussed
ISA 220 (Revised 2020) Quality Management for an Audit of Financial Statements
The requirements of ISA 220 (Revised) standard which are effective from December 2023, will be simplified and summarised, relative to the following aspects:
None
