Course ID: GRPA

Group Financial Statement Audits – Who is Exactly Responsible for What?

A group includes all the components whose financial information is included in the group financial statements. A component is an entity or business activity that is required to be included in the group financial statements. A group audit can apply whether or not auditors are from different firms, different offices, or different teams within the same firm, or even if it is the same team performing the audits of the group and all components. This course will describe the special considerations when performing an audit of group financial statements.

Learning Objectives

  • Describe AU-C section 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors), often called group audits for short
  • Describe when group audit requirements apply
  • Explain the responsibilities of the group auditor compared to the component auditor

Major Topics

  • Identifying component units, and determining the proper audit procedures based on the relative significance of the component
  • Differentiate the group auditor’s responsibilities when referencing the component auditor’s work vs. using the inclusion option for that same work
  • Addressing unique risks of material misstatement in group audit situations
  • Materiality and other special considerations in a group audit
  • Audit report modifications under various group audit scenarios

Who Should Attend

Public accountants who participate in group audits, as either the group auditor or the component auditor

Fields of Study





Business Learning Institute

CPE Credits




This course is available for your group as:


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