Technical practice aids address questions on audits of group financial statements


Nonauthoritative guidance arising from implementation issues is provided in 16 additional Technical Questions and Answers (TPAs) included as paragraphs .24 to .39 of TIS Section 8800, “Audits of Group Financial Statements and Work of Others.”

Implementation issues, particularly regarding equity investments, are addressed in the guidance for AU-C Section 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors).

In addition, TPA 8800.23, “Use of Component Materiality When the Component Is Not Reported On Separately,” has been revised. For more information on AU-C Section 600, see “Clarifying the Standard for Group Audits.”

Meanwhile, TPA 9100.07 has been issued to provide nonauthoritative guidance stating that auditors can comply with a requirement by naming the city and state where the auditor practices, in the firm’s letterhead on which the auditor’s report is issued.

AU-C Section 700, Forming an Opinion and Reporting on Financial Statements, requires the auditor’s report to name the city and state where the auditor practices.

CHECKLIST

Boost your LinkedIn profile

LinkedIn is No. 1 when it comes to business-related social media. Be prepared when an unexpected career opportunity arises by following these tips for keeping your LinkedIn page current.

PRACTICE MANAGEMENT

Millennial women: How to woo a new generation of employees

Ambitious, educated, and tech-savvy, Millennial women make ideal employees. Win them over with flexibility and clear paths to advancement.

PROFESSIONAL ISSUES

Belicia Cespedes: A CPA at 17

Through hard work and determination, Belicia Cespedes earned the credential before she was even eligible to vote.