Twenty-three tips provide implementation guidance about audits of group financial statements

Auditors looking for guidance on the new clarified auditing standard about audits of group financial statements can turn to a new resource.

The new standard, AU-C Section 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) (AICPA, Professional Standards), took effect for audits of group financial statements beginning for calendar year 2012/fiscal year 2013 audits as part of the AICPA Auditing Standards Board’s clarity project.

Nonauthoritative guidance regarding the implementation of AU-C Section 600 is available in 23 Technical Questions and Answers (TPAs) that are available in new TIS Section 8800, Audits of Group Financial Statements and Work of Others.

The TPAs are based on the questions and answers included in the Audit Risk Alert Understanding the Responsibilities of Auditors for Audits of Group Financial Statements—2012.


News quiz: College debt, stolen identities, and retirement planning

See how much you know about these developments and others in the Journal of Accountancy news quiz.


Preventing and detecting fraud at not-for-profits

Organizations in all industries must deal with the potential for fraud to occur, and design controls to prevent and detect it. Environment, policies, and controls can help organizations steer clear of problems.


The dangers of dabbling

To meet evolving marketplace needs, CPAs often look to diversify their service offerings. Firms can mitigate the risk of experiencing competency-related professional liability claims by implementing these basic steps.