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Canadian Auditing Standard (CAS) 600 was issued into the CPA Canada Handbook – Assurance in August 2022 and is effective for audits of financial statements for periods beginning on or after December 15, 2023.
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The definition of a group set out in CAS 600 is significantly broader than one might think, and the applicability of CAS 600 includes more than only audits involving a parent company and subsidiaries.
This Frequently Asked Questions (FAQ) document for auditors addresses key questions that arise when an auditor is considering whether CAS 600 Special considerations — audits of group financial statements (including the work of component auditors) must be applied in a particular audit.
In this FAQ, you will learn:
- Why is it important to know if you have a group audit?
- When do you have a group audit?
- What are group financial statements for the purposes of CAS 600?
- What is the component for the purposes of CAS 600?
- How can you determine whether there is a group for the purposes of CAS 600?
- Who should apply CAS 600? What if you are the auditor of all components?
- Where can you find resources on group audits?
Download our FAQ to learn more.
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