Press Releases/News Alerts
Forum of Firms Focuses on Practical Application of Group Audit Standard
Over 40 senior audit professionals from 20 international networks of accounting firms met yesterday to share their experiences and industry perspectives in applying International Standard on Auditing 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) (ISA 600). The symposium, organized by the Forum of Firms, assembled a group of experts to discuss several aspects of auditing a group, including those business activities and entities (components) that are included in the group’s financial statements.
"This symposium was designed to encourage participants to exchange views on challenges unique to auditing in a group environment, such as cross- border confidentiality considerations and differing ethics requirements,” said Nick Fraser, chair, Transnational Auditors Committee. “More importantly, with an aim of seeking ways to more fully obtain the intended benefits of ISA 600, the participants also contributed practical solutions for further consideration.”
Commencing with an overview of the key requirements of ISA 600, the symposium participants discussed a range of application issues, such as the engagement of and reporting by component auditors, communication with both management and component auditors about the group audit process, and determining materiality in a group environment. Led by speakers from across the spectrum of the Forum’s membership, including France, Germany, the United Kingdom, and the United States, the symposium concluded with a discussion on the importance of firm processes and controls that support group audit engagements.
"This event is the fourth symposium held by the Forum of Firms, and it has been a unique way to bring its members together to share and openly exchange views on present-day issues,” said Robert Dohrer, chair, Forum of Firms. “The ISA 600 symposium is an example of the Forum of Firm’s continuing commitment to promoting high-quality audit practice at a global level.”
About the Forum of Firms
The Forum of Firms (www.ifac.org/Forum_of_Firms) is an association of networks of international accounting firms that perform transnational audits. Members of the Forum have committed to adhere to and promote the consistent application of high-quality audit practices worldwide, including the use of International Standards on Auditing, and the maintenance of appropriate quality control standards in accordance with International Standards on Quality Control issued by the International Auditing and Assurance Standards Board. Through their organizations, members also conduct globally coordinated internal quality assurance reviews on a regular basis and have policies and methodologies that conform to the International Federation of Accountants' Code of Ethics for Professional Accountants. The Transnational Auditors Committee is the Executive Committee of the Forum of Firms and a committee of the International Federation of Accountants.