Audit client briefing: CAS 600, What Group Management Needs to Know
From CPA Canada
This brief helps group auditors interact and communicate effectively with those involved in audits of group financial statements, including group management, those charged with governance of the group, component auditors and, where applicable, component management.
Canadian Auditing Standard (CAS) 600, Special considerations — audits of group financial statements (including the work of component auditors), was issued into the CPA Canada Handbook – Assurance in August 2022 and is effective for audits of financial statements for periods beginning on or after December 15, 2023.
This audit client briefing provides auditors involved in audits of group financial statements with a document for discussion with their clients, client management. Effective interaction and communication is key among those involved in audits of group financial statements, including the group auditor, group management, those charged with governance of the group, component auditors and, where applicable, component management.
The briefing contains questions directed to client management that are intended to help group auditors explain to their clients that effective interaction among all participants remains critical to ensuring a high-quality audit.
Questions addressed
- How are group financial statements defined in CAS 600?
- What are the interrelationships between key players in an audit of group financial statements?
- What are the main roles and responsibilities of the key players in an audit of group financial statements?
- What actions can be taken to support a high-quality audit of group financial statements?
- The briefing also includes a table listing relevant documents on specific group audit matters that group management can provide the group auditor to enhance audit quality.
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