Revision af koncerner efter ISA 600 i Danmark

Henrik Kyhnauv

Student thesis: Master thesis


As identified all the companies listed on the Danish OMX C20 stock exchange reports a consolidated group financial statement which is why this have a large focus by both shareholders and other stakeholder. But until recently there haven't been a regulating standard for the audit of these consolidated group financial statements other than one that consist of the spe-cial considerations in regards to basing the audit on work performed by an-other auditor, ISA 600. In line with IAASB's Clarity Project there has been issued an updated standard for group audits, New ISA 600. This has been translated by the Danish asso-ciation of auditors and should be applied for group audits with beginning on 15 December 2010 and later. Therefore the main purpose of this thesis is to analyse the overall effect on au-dit of a consolidated group financial statement (a group audit) and in turn to answer the following questions: 1 What is the effect on the planning of a group audit - especially with respect to the overall Audit Strategy and Audit Plan? 2 What is the effect on the split between the group auditor and the compo-nent auditor? 3 What is the effect on the audit of significant components? 4 What is the effect on the audit of non-significant components? 5 How does the Danish Auditor profession respond to the new standard for group audits? 6 Are there any special considerations associated with the new standard on group audits? This analysis is mainly based on a series of interviews with people working with group audits and the author's own experience with group audits. And in turn combined with a step-by-step investigation of the different steps in a group audit according to the new and the old standard. Based on this analysis it is concluded that the main effect of the new ISA 600 is an emphasis of the group auditors overall responsibilities of the group audit and therefore the audit report. This is furthermore stressed in the explicit de-mand of the group audits involvement in the component audits work. Furthermore it is concluded that group auditor through the Audit Strategy and Audit Plan should acquire and opinion on the components of the group and the component auditor. Especially the split in significant and non-significant com-ponents will have a positive effect on the efficiency of the group audit Finally based on the performed analysis and step-by-step investigation of a group audit, it is concluded, that the implementation of ISA 600U in some as-pects already is applied in group audits in Denmark. This is because the major firms in Denmark are members of the Forum of Firms, see below. Therefore they have agreed to implement the new ISA-standards before they are trans-lated. Nonetheless the effect of the ISA 600U is an increased underlining of the group auditors' responsibilities, the involvement of the component auditor es-pecially in the planning phase of the group audit and the split-up in significant and non-significant components, with in turn may lead to a more efficient group audit.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2011
Number of pages90