Auditing for Groups

Content

This course will explore issues relating to the audit of group accounts ensuring that practitioners are aware of the legal and regulatory matters which arise.

• Which groups are required by UK company law to have an audit and which are exempt
• Which entities within a group are required to have an audit and which aren't
• Guarantees from parent undertaking to exempt a subsidiary from an audit
• Planning issues - scope; materiality; components
• The audit process - documentation; logistics; budgets; working papers; and timetables
• Auditing the consolidation - group-wide controls; consolidation adjustments; different accounting policies
• Communication matters
  • Group audit instructions
  • Between group auditor and auditors of components
  • The use of questionnaires
  • With those charged with governance
• Components and other auditors - significance; competence and independence; review of working papers; and audit reports
• Reporting issues
• Other issues including subsequent events; representation letters; non-coterminous year ends; the use of shared services; service centres and letterbox companies