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
the Responsibilities of Auditors for Audits of Group Financial Statements—2012.