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Auditing Standard ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors)
Identifying and Assessing the Risks of MIdentifying and Assessing the Risks of Material Misstatement
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Identifying and Assessing the Risks of Material Misstatement
- In applying ASA 315,[23] based on the understanding obtained in paragraph 30, the group auditor shall take responsibility for the identification and assessment of the risks of material misstatement of the group financial report, including with respect to the consolidation process. (Ref: Para. A108–A113)
Considerations When Component Auditors Are Involved
- In applying ASA 315,[24] the group auditor shall evaluate whether the audit evidence obtained from the risk assessment procedures performed by the group auditor and component auditors provides an appropriate basis for the identification and assessment of the risks of material misstatement of the group financial report. (Ref: Para. A114–A115)