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Questionnaire to component auditors

Name(s) of component(s):
Groupcode/Componentidentifier:
Year-end:

Introduction [to be completed by the Primary Team]


International Standard on Auditing (ISA) 600 Special Considerations Audits of Group Financial
Statements (Including the Work of Component Auditors)requires that we, as Group Auditor of
Component, perform proceduresto obtain sufficient appropriate audit evidence that the work on the
financial information of [name of component] is adequate for the purposesof the group audit
engagement.
The objective of this questionnaire is to assistus, as Group Auditor, in obtaining an understanding of
the work that you, the component auditor, perform on the financial information of the component.
In addition to this questionnaire, wemay determine that we need tomake additional inquiries and/or
perform a review of your workpapers.
You should answer the questions in sufficient detail to enable us to understand nature and extent of the
procedures you performed.
If one or more questions in the questionnaire can be answered by referring to documents you have sent
us, or to documents you are enclosing, please indicate where this information can be found.

Completion and Conclusion of the component auditor [to be completed by


the component auditor]
Preparer of questionnaire signature:______________________________________

Date:____________

Preparer of questionnaire name:_________________ Role:___________________

Review by the partnerin charge of the component engagement 1


I have reviewed the responses set out in this questionnaire and I am satisfied that they appropriately
summarize the audit strategy adopted, the audit procedures performed and the evidence obtained.
I am also satisfied that we have informed you of all matters that we consider should be brought to your
attention as Group Auditor.
Partner in charge of the component engagement signature:_______________Date:
Partner in charge of the component engagement name:__________Country/Office:

1 The partner in charge of the component engagement is a partner or other person in the firm who is responsible for the
component engagement and its performance, and for the report that is issued on behalf of the firm.

Page 1

Questionnaire to component auditors


Name(s) of component(s):
Groupcode/Componentidentifier:
Year-end:

PartA

Planning the audit

This part of the questionnaire is focused on obtaining a more in-depth understanding of your planning,
risk identification, strategy and risk assessment in relation to the audit of the financial information of
the component and is organized as follows:

A 1 Risk assessment procedures

A 2 Audit strategy

A 3 Audit plan

A 1 Risk assessment procedures


ISA
reference

Question
A 1.1

A 1.2

Describe the procedures you performed to


obtain an understanding of the component
and its environment, including:

Relevant industry, legal and regulatory


framework and other external factors

The nature of the component

The components selection and


application of accounting policies

The components objectives and


strategies

The measurement and review of the


components financial performance

The role of IT in the component

Describe the procedures you performed to


obtain an understanding of the components
internal control, including:

The control environment

The components risk assessment

The information system, including the


related business processes, relevant to
financial reporting, and communication

Control activities

Monitoring of controls

315.11

315.12
315.14-24

A 1.3

Describe the procedures you performed to


obtain an understanding of the internal
control relevant to the audit, including the
design of the relevant controls and whether
those controls have been implemented.

315.12
315.13

A 1.4

Based on your understanding of the


component and its environment:

315.25

Describe the procedures you performed


to identify and assess the risks of
material misstatement at the financial
statement and assertion levels

Page 2

Component auditors answers


-

Questionnaire to component auditors


Name(s) of component(s):
Groupcode/Componentidentifier:
Year-end:
ISA
reference

Question

Component auditors answers

Describe the procedures you performed


to address those identified risks of
material misstatement

A 1.5

Describe the procedures you performed to


identify risks of material misstatement due to
fraud, including inquiries of management,
internal audit or other within the component.

240.25

A 1.6

Describe the procedures you performed to


obtain information relevant to identifying the
risks of material misstatement associated
with related party relationships and
transactions, including transactions outside
the normal course of business.

550

A 1.7

Describe the procedures you performed to


respond to identified significant risks,
including risks of material misstatement due
to fraud and significant related party
transactions outside the normal course of
business.

330.7
330.15
330.21

A 1.8

Describe the procedures you performed to


determine whether there are events or
conditions that may cast significant doubt on
the components ability to continue as going
concern, including evaluation of
managements going concern assessment.

570

A 1.9

Provide a brief summary of the components


team discussion, including:

315.10
240.15

Topics addressed in the discussion

Team members attending the discussion

Date of the teams discussion

A 2 Audit strategy
ISA
reference

Question
A 2.1

Describe the procedures you performed to


obtain an understanding of the classes of
transactions resulting in material account
balances or disclosures.

315.18

A 2.2

If you rely on IT application controls, ITdependant manual controls and electronic


audit evidence, describe:

315.18
315.21

The procedures you performed toobtain


an understanding of the IT General
Controls(ITGCs)

The tests on ITGCs you performed


Page 3

Component auditors answers

Questionnaire to component auditors


Name(s) of component(s):
Groupcode/Componentidentifier:
Year-end:
ISA
reference

Question

A 2.3

Whether you concluded satisfactorily on


the operating effectiveness of ITGCs

Describe the procedures you performed to


obtain an understanding of the financial
reporting process, including:

Preparation of the trial balance and any


necessary consolidations

Initiation, authorization and recording of


journal entries, including managements
controls

Preparation of the reporting package,


including reporting package schedules

315.18

A 2.4

Describe the procedures you performed to


test the appropriateness of journal entries
recorded in the general ledger and other
adjustments made in the preparation of the
reporting package.

315.18

A 2.5

Describe the procedures you performed


regarding accounting estimates and related
disclosures, including:

540

A 2.6

Obtaining an understanding of the


components estimation process,
including:
o How component management
makes the accounting estimate
o How data on which the
accounting estimates are based
is generated

Reviewing of the outcome of accounting


estimates included in the prior period
financial information

Evaluating of the degree of estimation


uncertainty associated with an
accounting estimate

Assessing whether accounting estimates


with high estimation uncertainty give rise
to significant risks

Responding to identified risks of material


misstatement

Did you assess the risks of material


misstatements for all the relevant assertions
of the material account balances, classes of
transactions and disclosures, including:

Identifying the controls that mitigate


significant risks

Identifying and testing controls when


Page 4

315.18

Component auditors answers

Questionnaire to component auditors


Name(s) of component(s):
Groupcode/Componentidentifier:
Year-end:
ISA
reference

Question
substantive procedures alone are not
sufficient

A 2.7

A 2.8

Identification of an IT system that deals


with any accounting application?

For each material class of transactions,


provide a brief description of the audit
strategy, including:

Whether or not you planned to rely on


controls

If you decided to rely on controls,


whether you have tested the operating
effectiveness of controls that are relevant
to the audit

If you relied on controls but did not test them


this year , describe the procedures you
performed, including:

Obtaining evidence about whether


changes have occurred since the prior
period

Testing the operating effectiveness of the


controls within the last three audits

Obtaining evidence about the controls


intended to mitigate significant risks

Whether you at least tested some of the


controls this year?

315.26
330.8-11

330.14

A 2.9

Describe the procedures you performed to


update your tests of controls.

A 2.10

If applicable, describe the procedures you


performed to verify that the consolidation of
the sub-group headed by the component was
complete, accurate and in line with group or
component consolidation policies.

600

A 2.11

If you usethe report of a service organization,


describe the procedures you performed
regarding the service organizations
professional competence, the nature, content
of the report and the period covered by the
report, the usefulness and appropriateness of
the report, and test controls that are relevant
to obtain sufficient appropriate evidence?

402

A 2.12

If a service organization performs aspects of


the processing of transactions, have you:

402

Obtained an understanding of the


classes of transactions?

Identified the risks of material


misstatements?

Page 5

330.12

Component auditors answers

Questionnaire to component auditors


Name(s) of component(s):
Groupcode/Componentidentifier:
Year-end:
ISA
reference

Question
If you used the work of experts, describe the
procedures you performed regarding
managements expert and/or auditors
internal expert, including:

A 2.13

Evaluation of independence, competence


and capabilities

Understanding of the work of


managements expert or, in case of an
auditors internal expert, agreeing the
scope of work

Evaluation of the work of the expert to be


adequate for your audit

If you use the work of internal audit, describe


the procedures you performed to be able to
use that work, including:

A 2.14

Objectivity and professional qualifications


of the internal auditors

Review and evaluation of the work of the


internal auditors

Component auditors answers

620

610

A 3 Audit plan
ISA
reference

Question
A 3.1

For each material account, have you


prepared aaudit plan, including:

Nature, timing and extent of procedures?

Approval of executive in charge of the


component engagement?

A 3.2

When substantive testing was performed


prior to the year end, describe the
procedures you performed to update your
findings to year end.

A 3.3

When you used sampling techniques,


describe the techniques used and how you
determined the sample size and selected the
sample to be tested.

Page 6

330.6

330.22

530

Component auditors answers