Implementation support materials on ASA 600

Wednesday, June 28, 2023

• Does the revised ASA 600 group audit standard apply to the entity that I'm auditing?
• Does the concept of significant component still exist?
• How is the standard scalable if I’m a sole practitioner auditing the full group myself?

The AUASB Technical Group have put together this Frequently Asked Questions (FAQs) document for auditors which addresses key implementation questions that arise when an auditor is considering how ASA 600 Special Considerations — Audits of a Group Financial Report (Including the Work of Component Auditors) is to be applied in a particular audit.  ASA 600 is effective for financial reporting periods commencing on or after 15 December 2023 (which means it is effective for December 2024 year ends).