Audit and assurance alert: CAS 600 Group audits with components located in emerging markets

Learn about challenging aspects of group audits involving components located in emerging markets.

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Audit and Assurance Alert CAS 600 - Challenges in Complying with the Requirements in Group Audits Involving Components Located in Emerging Markets identifies specific aspects of a group audit involving components located in emerging markets.

You will learn how to:

  • critically assess whether the auditor has the appropriate competencies and capabilities to accept or continue with the group audit engagement, where components are located in emerging markets
  • understand the environment in which components located in emerging markets operate in order to identify and assess the risk of material misstatement
  • determine the type of work to be performed on components, including those in the emerging markets
  • determine whether a component is significant because of significant risks identified
  • consider the risks of the emerging market in developing the audit response
  • design appropriate audit procedures to address the risks of material misstatement in components located in emerging markets
  • determine the need to review other relevant parts of the component auditor's audit documentation

Topics include:

  • acceptance and continuance
  • overall audit strategy
  • identifying and assessing risks
  • responding to assessed risks
  • evaluating the component auditor's communication and adequacy of work


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