Document ID: chunk:federal_register_of_legislation:F2025C00096:body:0:p9
Version: federal_register_of_legislation:F2025C00096
Segment Type: other
Provision Reference: 
Character Range: 24832–28049

of Group Management

 1.                If the group engagement partner concludes that group management cannot provide the engagement team with access to information or unrestricted access to persons within the group due to restrictions that are outside the control of group management, the group engagement partner shall consider the possible effects on the group audit.  (Ref: Para. A38–A46)

Restrictions on Access to Information or People Imposed by Group Management

 1.                If the group engagement partner concludes that: (Ref: Para. A43–A46)

         1.                 It will not be possible for the group auditor to obtain sufficient appropriate audit evidence due to restrictions imposed by group management; and

         2.                 The possible effect of this limitation will result in a disclaimer of opinion on the group financial report,

    the group engagement partner shall either:

 1.                  In the case of an initial engagement, not accept the engagement, or, in the case of a recurring engagement, withdraw from the engagement, when withdrawal is possible under applicable law or regulation; or

 2.                When law or regulation prohibit an auditor from declining an engagement or when withdrawal from an engagement is not otherwise possible, having performed the audit of the group financial report to the extent possible, disclaim an opinion on the group financial report.

Overall Group Audit Strategy and Group Audit Plan

 1.                In applying ASA 300,[15] the group auditor shall establish, and update as necessary, an overall group audit strategy and group audit plan.  In doing so, the group auditor shall determine: (Ref: Para. A47–A50)

         1.                 The components at which audit work will be performed; and (Ref: Para. A51)

         2.                 The resources needed to perform the group audit engagement, including the nature, timing and extent to which component auditors are to be involved.  (Ref: Para. A52–A56)

Considerations When Component Auditors Are Involved

 1.                In establishing the overall group audit strategy and group audit plan, the group engagement partner shall evaluate whether the group auditor will be able to be sufficiently and appropriately involved in the work of the component auditor.  (Ref: Para. A57)

 2.                As part of the evaluation in paragraph 23, the group auditor shall request the component auditor to confirm that the component auditor will cooperate with the group auditor, including whether the component auditor will perform the work requested by the group auditor.  (Ref: Para. A58)

Relevant Ethical Requirements, Including Those Related to Independence

 1.                In applying ASA 220,[16] the group engagement partner shall take responsibility for: (Ref: Para. A59–A60, A87)

         1.                 Component auditors having been made aware of relevant ethical requirements that are applicable given the nature and circumstances of the group audit engagement; and

         2.                 Confirming whether the component auditors understand and will comply with the relevant ethical requirements, including those related to