Skip to main content

How to Conduct A Proper Group Audit Engagement

Type: Webinar with NA CPE

15 November 2023 2:00 pm ET
15 November 2023 4:00 pm ET

2:00 – 4:00 pm ET

Untitled Document

2 hrs CPE in Auditing

Program Level: Intermediate  

How to Conduct A Proper Group Audit Engagement         

Provide both practical and insightful perspectives on how an auditor can properly conduct a group audit engagement under AICPA Standard AU-C 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors).  You’ll learn the key responsibilities of being the group auditor and component auditor and the strategies to use when performing such engagements, which are essential for these types of audits. You’ll acquire the key requirements of AU-C 600 and a clearer understanding of what is needed to properly perform such engagements under Professional Standards.

Who is the course designed for: 
Practitioners in public practice who conduct audits of privately-held entities that have more than one component.

Topics Covered:
• Understanding a Component
• Determining Whether You’re the Group Auditor
• Understanding the Group
• Group Materiality and Component Materiality
• Component Auditors
• Communications with Component Auditors
• Communications with Management and Those Charged With Governance
• Group Audit Documentation
• Group Audit Reporting 

Learning Objectives

• Cite the key requirements of AU-C Section 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors).
• Identify group audit strategies, calculation of group materiality and component materiality
• Identify group auditor responsibilities when referring to component auditors’ reports in a group audit report with different financial reporting frameworks and auditing frameworks

Speaker Bio

Sal Collemi, CPA
Managing Member and Partner
Collemi Consulting & Advisory Services LLC

Mr. Collemi brings more than two decades of experience with U.S. and international financial reporting and professional standards, corporate governance and risk management practices of public accounting firms. Collemi Consulting & Advisory Services, LLC’s mission is to strive to promote and enhance global audit quality. His practice provides outsourced high-level strategic and technical guidance to external auditors, litigation attorneys, C-suite, valuation experts and institutions that support the CPA profession. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, financial statement preparation, bookkeeping, time & billing, etc. Mr. Collemi is also available as a keynote speaker at company retreats.

As a former Staff Accountant in the Division of Corporation Finance, a Technical Manager in the National Peer Review Program and national office technical partner at leading institutions such as the SEC, AICPA and several mid-size to large international public accounting firms, Mr. Collemi has demonstrated the impact of U.S. and International financial reporting, internal control systems and regulatory compliance acumen as they affect privately-held and publicly-traded companies.

As a recognized subject matter expert on IFRS, Mr. Collemi was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014.