Audits of Group Financial Statements

(Including the Work of Component Auditors)

Key Changes and Requirements for a Group Audit

Clarified Singapore Standard on Auditing (SSA) 600

The clarified Singapore Standard on Auditing (SSA) 600 Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) was updated by the Institute of Certified Public Accountants of Singapore (ICPAS)

in January 2010 following a clarity consistency review of the various SSAs.

Clarified SSA 600 replaces the former SSA 600 Using the Work of Another Auditor (1996) and is closely modeledafter the clarified International Standard on Auditing (ISA) 600 issued by the International Auditing and Assurance Standards Board (IAASB), except for the references to the applicable reporting framework. Clarified SSA 600 sets out the guidelines for group audits, particularly those that involve component auditors and is effective for group financial statement periods beginning on or after 15 December 2009.