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Auditing Standard ASA 600 Special Considerations—Audits of a Group Financial Report (Including the Work of Component Auditors)
The Group’s Risk Assessment ProcessThe Group’s Risk Assessment Process
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The Group’s Risk Assessment Process
- The group auditor’s understanding of the group’s risk assessment process may include matters such as group management’s risk assessment process, that is, the process for identifying, analysing and managing business risks, including the risk of fraud, that may result in material misstatement of the group financial report. It may also include an understanding of how sophisticated the group’s risk assessment process is and the involvement of entities and business units in this process.