International Auditing and Assurance Standards Board (IAASB) webinar on group audits and the current exposure draft.

1. Exposure Draft
ISA 600 – Group Audits
Webinar - August 13, 2020
Len Jui, IAASB Member and Task Force Chair
Josephine Jackson, IAASB Member and Task Force Member
Susan Jones, IAASB Technical Advisor
Jasper van den Hout, IAASB Principal and Lead Staff
Dan Montgomery, IAASB Senior Advisor

2. Overview
Scope
Linkages with Other
Standards
Restrictions on Access
to People and
Information
Planning and Performing
a Group Audit
Engagement
Materiality
Communications with
and Involvement in Work
of Component Auditors
Documentation Other Matters
Page 2 |

3. Scope
Page 3 |

4. Questions about Scope of ED-600
Page 4
When would
ISA 600
(Revised)
apply?
Are cost-basis
investments in
the scope?

5. Linkages with Other
Standards
Page 5 |

6. Questions about Linkages with Other Standards
Page 6
How does
ED-600 relate to
ISA 315 (Revised
2019) and the
QM standards?

7. Engagement Team Definition
Page 7
Group
engagement
team
Component
Auditor
Component
Auditor
Component
Auditor
Component
Auditor
Component
Auditor
Engagement
Team

8. Restrictions on Access
to People and
Information
Page 8

9. Questions about Restrictions on Access to People and Information
Page 9
What can be done
about access
restrictions for
equity investments
and non-controlled
entities?

10. Planning and Performing
a Group Audit
Engagement
Page 10

11. Questions about Planning and Performing a Group Audit Engagement
Page 11
Why change
the approach
to scoping a
group audit?

12. Materiality
Page 12 |

13. Questions about Materiality Considerations for Group Audits
Page 13
Why has the
concept of
‘component
materiality’
been removed?

14. Communications with
and Involvement in the
Work of Component
Auditors
Page 14 |

15. Questions about Communications and Involvement with Component Auditors
Page 15
What is the
expected form
and frequency of
communications
with component
auditors?
What form of
conclusion will
be issued by
component
auditors?

16. Documentation
Page 16

17. Questions about Documentation
Page 17
Why did ED-600
exclude the extant
ISA 600 requirement
for an analysis of
components and the
type of work
performed?

18. Other Matters
Page 18

19. Other Questions about ED-600
Page 19
Is the 600 series still
the best place for the
revised group audit
standard?

20. Page 20 |
October 2,
2020
Deadline for
comments on ED-600
September
2021
In ED-600 the
IAASB proposes 18
months after
approval of the final
standard
Targeted approval date
of ISA 600 (Revised)
Effective date
– TBD
Way Forward

21. www.iaasb.org
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