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    Sa 600

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    Gagan Raj
    This document outlines the responsibilities of a principal auditor (PA) when using the work of another auditor (AA) who has audited a component of the company. It discusses when this standard applies, the PA's procedures for evaluating the AA's work, communication requirements between the auditors, and how the PA should report on the component audit. The key responsibilities are for the PA to consider the AA's competence, perform additional procedures to rely on their work, advise the AA on audit requirements, and qualify their report if unable to rely on the AA's work.

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    Sa 600

    Uploaded by

    Gagan Raj
    242 views11 pages
    This document outlines the responsibilities of a principal auditor (PA) when using the work of another auditor (AA) who has audited a component of the company. It discusses when this standard applies, the PA's procedures for evaluating the AA's work, communication requirements between the auditors, and how the PA should report on the component audit. The key responsibilities are for the PA to consider the AA's competence, perform additional procedures to rely on their work, advise the AA on audit requirements, and qualify their report if unable to rely on the AA's work.

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    standard of auditing 600

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    SA 600

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    This document outlines the responsibilities of a principal auditor (PA) when using the work of another auditor (AA) who has audited a component of the company. It discusses when this standard applies, the PA's procedures for evaluating the AA's work, communication requirements between the auditors, and how the PA should report on the component audit. The key responsibilities are for the PA to consider the AA's competence, perform additional procedures to rely on their work, advise the AA on audit requirements, and qualify their report if unable to rely on the AA's work.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    242 views11 pages

    Sa 600

    Uploaded by

    Gagan Raj
    This document outlines the responsibilities of a principal auditor (PA) when using the work of another auditor (AA) who has audited a component of the company. It discusses when this standard applies, the PA's procedures for evaluating the AA's work, communication requirements between the auditors, and how the PA should report on the component audit. The key responsibilities are for the PA to consider the AA's competence, perform additional procedures to rely on their work, advise the AA on audit requirements, and qualify their report if unable to rely on the AA's work.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    SA 600

    Using the work of another auditor

    Meaning
    Principal Auditor (PA)- Statutory auditor of company/ firm, etc Another Auditor(AA)- Auditor of component of company/ firm, etc !omponent- "t includes #ranch, su#sidiary, di$ision, associate enterprise, %oint $enture etc of company/ firm, whose financial information is audited #y PA

    Applica#ility & 'on-Applica#ility of this Standard


    (here PA uses work of AA as regards a component ')* applica#le in case of %oint auditors ')* applica#le as regards relationship with predecessor auditor

    Points to #e kept in mind when accepting appointment as PA


    Materiality of financial information of !ompany PA+s knowledge regarding #usiness of component ,isk of misstatement in financial information of component forwarded #y AA to PA Performance of additional procedure #y PA of component

    Procedure to #e followed #y PA & his duties


    *o consider professional competence of AA if he is not a mem#er of "!A" especially in case component is situated in a foreign country *o perform additional procedure to gather information that the work of auditor is ade-uate *o ad$ise AA as regard his duties of audit & areas re-uiring special consideration

    *o impress upon AA for regular coordinate & communication with PA *o gi$e AA check list & to ask him to complete -uestionnaire which will help PA in timely & appropriate completion of audit of company *o fi. a time ta#le for completion of audit of component with AA

    /ocuments to #e kept #y PA
    /ocuments as regards component audited #y AA and their significance to financial information of company as a whole Procedure performed #y AA, conclusion reached and their materiality ,esults of discussion with AA, re$iewing of -uestionnaire completed #y AA

    /uties of AA
    !ompliance with statutory re-uirement Adhering to time ta#le set out for audit of component !ommunicating and interacting with PA at regular inter$als 0i$ing ade-uate information in -uestionnaire "nforming PA immediately a#out significant findings ,eporting ade-uately

    ,eporting #y PA
    PA should consider significant finding of AA PA should state in his report of his responsi#ilities indicating e.tent to which financial information of component included in his report "f in case PA was not a#le to either use AA+s work or a#le to perform properly additional procedure regarding financial information of component, PA should -uality his report or disclaim responsility as regards component

    "f in case AA modifies his earlier report, PA should also modify his report accordingly, if significant

    THANK YOU
    12 0A0A'

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