Navigating the New AU-C 600 Group Audit Rules

Managing Responsibilities and Risk in Engagements Involving Multiple Auditors and Components

Recording of a 110-minute CPE webinar with Q&A


Conducted on Tuesday, May 14, 2013

Recorded event now available

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Program Materials

This teleconference will review all key material terms of the Auditing Standards Board's new group audit standards, AU-C 600, and put them in the context of practical scenarios facing auditors working in groups.

Description

Audit professionals at firms of all sizes are finding the Auditing Standards Board's new standard on group audits, AU-C 600, casts a wide net and are tough to grasp. The standard for audits of financials from multiple components (e.g., subsidiaries, joint ventures) affects FYs ending after Dec. 15, 2012.

In particular, the rules have changed for managing and evaluating the work of groups of auditing firms. AU-C 600 seeks to ensure that sources of potential misstatement risk in a component entity's financials are identified before they can affect the entire group's financial statements.

Given that entities that didn't previously regard themselves as being in a "group" will be pulled into group audits, smaller accounting firms need to master new rules, too. Lessons already learned about implementation issues, plus a thorough review of material terms, will benefit audit specialists at all firms.

Listen as our panelists prepare audit professionals to deal adeptly with the new standards for group audits.

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Outline

  1. Defining key terms
    1. Group auditor, group audit team, group engagement partner, component
  2. Responsibilities of each member in the audit group
  3. Identifying sources of risk of misstatements in group financials
  4. Determining, performing and assuming responsibility for component auditor work
  5. Practical applications of AU-C 360

Benefits

The panel will analyze these and other relevant topics:

  • Determining responsibilities of the group and component auditors.
  • Identifying sources of risk of misstatements in group financial statements.
  • Developing a group audit strategy.
  • Determining what type of work should be performed on components.
  • Which subsidiaries, joint ventures, divisions, functional activities and equity investments meet the "component" standard.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Trevor Stewart
Trevor Stewart
Senior Research Fellow
Rutgers University

He retired as a partner from Deloitte & Touche in 2009, where he specialized in global audit policy, methodology...  |  Read More

Ahava Goldman
Ahava Goldman
Senior Technical Manager
AICPA

She is attached to the AICPA's Audit and Attest Standards Team and also acts as staff liaison for the ASB,...  |  Read More

Philip Santarelli
Philip Santarelli

Chief Risk Officer
Parente Beard

He oversees the firm’s audit and accounting practice, risk management, quality assurance, and technical...  |  Read More

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