Komparativ analyse af koncernrevision efter ISA 600 i teorien og praksis, med fokus på planlægning og scoping

Dennis Jarl jensen

Student thesis: Master thesis

Abstract

Group audits and consolidated financial statements are no new phenomenon. However, not until the issue of the International Standard on Auditing (ISA) 600, did an auditing standard address and describe the elements of the planning of a group audit. The objective of this standard has been to focus on audit procedures directed at risk and materiality in the planning process and to clarify the responsibility for the work, which rests with the group auditor. Following the implementation, this standard was found to be difficult leaving the practitioners with a number of challenges, particularly in the planning process. The quality control of and report for 2013 issued by the Danish Supervisory Authority on Auditors as well as the main focus for FY2015 have shown that there is an increased focus on group audits. The report for 2013 particularly revealed deficiency in respect of certain group audits, primarily in the planning process which did not fully comply with international standards. In July 2013, the IAASB issued a report which highlights the experience from a number of respondents of the implemented standards under the Clarity Project, including ISA 600. Based on statements from respondents, the report, Clarified International Standards on Auditing – Findings from the Postimplementation Review, confirms that significant challenges are associated with the standard as regards planning and scoping. In some areas, the standard has proven to be so difficult that one of the largest international assurance house, PwC, has set up a central unit in one of the countries in which the firm is represented, the UK; ie, not an international approach. The purpose of the unit is to assist the group auditor in complying with the standard. This says something about the challenges which the group auditor is facing in practice. The focus of this thesis is to examine the attitude towards ISA 600 prior to implementation, including the tools which a group auditor had at his/her disposal through other guidelines and practice. Then we will review a group planning with focus on risk through the use of an illustrative constructed case, and based on the author’s own experience elements will be considered and compared with the unit set up centrally in PwC UK.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
LanguageDanish
Publication date2015
Number of pages125