The new standard assists the group engagement partner in taking responsibility for the direction, supervision and performance of the group audit and the issue of an auditor's report that is appropriate in the circumstances.

To assist the group engagement team to obtain sufficient appropriate audit evidence on which to base the group audit opinion, the standard specifies the types of work that the group engagement team, or component auditors on its behalf, should perform on the financial information of significant components. It also requires the group engagement team to be appropriately involved in the work that component auditors perform.

The standard is effective for audits of financial periods commencing on or after Dec. 15, 2009.

The standard was developed over a period of five years and takes into account regulatory and standard-setting developments around the world, the interests of small entities, and the expectations of various stakeholders, including those represented on the IAASB Consultative Advisory Group.

"The project has not been an easy one, but we are confident that the standard will enhance current practice and promote consistency worldwide," said IAASB Chairman John Kellas.

International Standard on Auditing (ISA) 600 (Revised and Redrafted), Special Considerations - The Audit of Group Financial Statement (Including the Work of Component Auditors) can be downloaded free-of-charge from the IFAC online bookstore.