EDs/consultation papers

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September 2024

Exposure draft of SA 600 (revised)

The NFRA has issued an exposure draft of the revised SA 600, Special Considerations—Audits of Group Financial Statements (including the work of component auditors) which applies to audits of group financial statements (regardless of their size or complexity) where component auditors are involved.

Revised SA 600 (proposed) aims to bring in clarity in a principal auditors’ other obligations with respect to audit of group entities, which inter alia includes determining components where audit work should be performed, checking professional competence of component auditors, the nature, timing and extent of involvement of component auditors, and determining the adequacy of the work performed by component auditors.

The revised SA 600 (draft) is proposed to be made applicable to audits of Public Interest Entities (PIEs) that fall under Rule 3 of NFRA Rules 2018, except Public Sector Enterprises, Public Sector Banks, Public Sector Insurance Entities, and their respective branches.

The NFRA is inviting comments on the proposed revisions until 30 October 2024.

To access the text of the consultation paper click here

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Regulatory updates