IntroductionIntroduction

Auditing Standard ASA 600

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 600 Special Considerations‑Audits of a Group Financial Report (Including the Work of Component Auditors pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.

This compiled version of ASA 600 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 15 March 2023 (see Compilation Details).

Auditing Standard ASA 600

Special Considerations‑Audits of a Group Financial Report

Application

Aus 0.1 This Auditing Standard applies to:

(a) an audit of a financial report for a financial year, or an audit of a financial report for a half‑year, in accordance with the Corporations Act 2001; and

(b) an audit of a financial report, or a complete set of financial statements, for any other purpose.

Aus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

Aus 0.3 This Auditing Standard is operative for financial reporting periods ending on or after 1 January 2010. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

1. The Australian Auditing Standards apply to group audits. This Auditing Standard deals with special considerations that apply to group audits, in particular those that involve component auditors.
2. This Auditing Standard also applies, as appropriate, when the auditor involves other auditors in the audit of financial reports that are not group financial reports. For example, an auditor may involve another auditor to observe the inventory count or inspect physical fixed assets at a remote location.
3. A component auditor may be required by statute, regulation or for another reason, to express an audit opinion on the financial report of a component. The group engagement team may decide to use the audit evidence on which the audit opinion on the financial report of the component is based to provide audit evidence for the group audit, but the requirements of this Auditing Standard nevertheless apply. (Ref: Para. A1)
4. In accordance with ASA 220,[1] the group engagement partner is required to determine that those performing the group audit engagement, including component auditors, collectively have the appropriate competence and capabilities, including sufficient time. The group engagement partner is also responsible for the direction and supervision of members of the group engagement team and review of their work.