ISA 600 (Revised) Group Audit Blueprint

Phases

1. Acceptance and Continuancephase_acceptance_continuance

   The group engagement partner determines whether to accept or continue the group audit engagement, taking overall quality-management responsibility under ISA 220 (Revised) and evaluating whether sufficient appropriate audit evidence can reasonably be expected to be obtained.

2. Planning and Scopingphase_planning_and_scoping

   Establish the overall group audit strategy and group audit plan, assess risks, determine materiality, scope components, and evaluate component auditors' competence and independence.

3. Communication with Componentsphase_communication_with_components

   Identify and assess risks of material misstatement in the group financial statements; determine component materiality; design and communicate further audit procedures to component auditors; supervise execution.

4. Evidence and Misstatementsphase_evidence_and_misstatements

   Evaluate the sufficiency and appropriateness of audit evidence from component auditors; aggregate uncorrected misstatements; determine whether additional procedures are needed when component auditor work is inadequate.

5. Subsequent Events and Completion Reviewphase_subsequent_events_and_review

   Apply ISA 560 subsequent events procedures at group and component levels; evaluate sufficiency of evidence obtained; aggregate uncorrected misstatements; conclude on the group audit opinion; address fraud identified during the engagement.

6. Documentation and Communication with TCWGphase_documentation_and_communication

   Prepare sufficient engagement documentation; communicate required matters to those charged with governance of the group (TCWG); identify internal control deficiencies reportable to TCWG; address situations where a component auditor expresses a separate opinion.