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Understanding the Responsibilities of Auditors for Audits of Group Financial Statements - Audit Risk Alert
Statement on Auditing Standards Special Considerations Audits of Group Financial Statements (Including the Work of Component Auditors), codified as AU-C section 600, expands previous guidance related to using the work of other auditors to encompass audits of group financial statements. This Audit Risk Alert is intended to help auditors understand and implement the requirements of the new standard.

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This Audit Risk Alert is intended to help auditors understand and implement the requirements of the new AU-C section 600, Statement on Auditing Standards - Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors)

It was developed to present issues that auditors may face in their current audits; focusing on emerging practice issues and current auditing developments.

The new AU-C section 600 is much more broad than previous guidance and introduces a number of new terms, concepts, and requirements related to group audits that will significantly affect current practice.

To assist auditors in implementing the provisions of AU-C section 600, this alert includes a variety of useful resources including:

  • Technical Questions & Answer sections
  • An analysis of applicability
  • A breakdown of new terminology
  • An exploration of how practice will be affected
  • Special considerations for state and local governments
  • Implementation case studies

This alert has been updated for the issuance of SAS No. 127, Omnibus Statement on Auditing Standards.

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American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

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