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Title: The effect of changes in ISA 600 Group audits to the Maltese auditing environment
Authors: Mifsud, Christopher
Keywords: Auditing -- Malta
Financial statements
Issue Date: 2012
Abstract: Purpose: Following the Clarity Project undertaken by the IAASB in order to improve the clarity of auditing standard, ISA 600 (Revised and Redrafted), Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors) was issued and came into force on the 15th December 2009. This study aims to identify and analyse the effects that this change in standards has brought about in the Maltese audit scene. This is done so that current practices can be identified and improved. Various provisions and concepts found in this standard will be analysed and discussed. Design: In order to conduct this qualitative study, interviews were arranged with partners or senior managers in charge of group audits in Maltese audit firms. Findings: It was found that responsibilities for the group auditor have increased, while the cost of a group audit has gone up as well. While auditors may not have a clear picture of what the standard says, they have found it useful especially when conducting their audit, as it has introduced conformity while they can use it as an excuse when asking for evidence from other auditors. Conclusion: This standard has had several effects on the Maltese auditing environment, as the increased responsibility leads to more work being done. The standard has brought about clarity in what is expected from different parties in group audits and conformity in the way group audits are done across the industry.
Description: B.ACCTY.(HONS)
Appears in Collections:Dissertations - FacEma - 2012
Dissertations - FacEMAAcc - 2012

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