Document ID: chunk:federal_register_of_legislation:F2025C00096:body:0:p6
Version: federal_register_of_legislation:F2025C00096
Segment Type: other
Provision Reference: 
Character Range: 15818–18964

the actions and communications of the engagement team, including emphasising the importance of each engagement team member exercising professional scepticism throughout the group audit. Such actions and communications may include specific steps to mitigate impediments that may impair the appropriate exercise of professional scepticism. (Ref: Para. A14–A18)

Scalability

 1.                This ASA is intended for all group audits, regardless of size or complexity. However, the requirements of this ASA are intended to be applied in the context of the nature and circumstances of each group audit. For example, when a group audit is carried out entirely by the group auditor, some requirements in this ASA are not relevant because they are conditional on the involvement of component auditors. This may be the case when the group auditor is able to perform audit procedures centrally or is able to perform procedures at the components without involving component auditors. The guidance in paragraphs A119 and A120 also may be helpful in applying this ASA in these circumstances.

Responsibilities of the Group Engagement Partner and Group Auditor

 1.                The group engagement partner remains ultimately responsible, and therefore accountable, for compliance with the requirements of this ASA. The term "the group engagement partner shall take responsibility for…" or "the group auditor shall take responsibility for…" is used for those requirements when the group engagement partner or group auditor, respectively, is permitted to assign the design or performance of procedures, tasks or actions to other appropriately skilled or suitably experienced members of the engagement team, including component auditors. For other requirements, this ASA expressly intends that the requirement or responsibility be fulfilled by the group engagement partner or group auditor, as applicable, and the group engagement partner or group auditor may obtain information from the firm or other members of the engagement team. (Ref: Para. A29)

Effective Date

 1.                [Deleted by the AUASB.  Refer Aus 0.3]

Objectives

 1.                The objectives of the auditor are to:

         1.                 With respect to the acceptance and continuance of the group audit engagement, determine whether sufficient appropriate audit evidence can reasonably be expected to be obtained to provide a basis for forming an opinion on the group financial report;

         2.                 Identify and assess the risks of material misstatement of the group financial report, whether due to fraud or error, and plan and perform further audit procedures to appropriately respond to those assessed risks;

         3.                 Be sufficiently and appropriately involved in the work of component auditors throughout the group audit, including communicating clearly about the scope and timing of their work, and evaluating the results of that work; and

         4.                 Evaluate whether sufficient appropriate audit evidence has been obtained from the audit procedures performed, including with respect to the work performed by