New ISA 600(그룹재무제표에 대한 감사)의 시행에 관한 연구

Abstract

From 2006 to March 2009, International Federation of Accountants (IFAC) has released 37 New International Standard on Auditing (New ISA) statements sequentially. Korea decided to adopt New ISA, which will be effective since 2013. However, the issue is raised regarding the introduction of New ISA 600, Special Considerations―Audits of Group Financial Statements (Including the Work of Component Auditors). According to New ISA 600, although component auditors may perform work on the financial information of the components for the group audit and as such are responsible for their overall findings, conclusions or opinions, the group engagement partner or the group engagement partner’s firm is responsible for the group audit opinion. And also the auditor’s report on the group financial statements cannot refer to a component auditor. New ISA 600 is against the existing auditing standard in Korea in that it is permissible for group auditor to state in his report that part of the audit was made by another auditor in Korea. Because it is prohibited to make reference to the audit of the other auditor when he expresses his opinion on the financial statements, New ISA 600 asks group auditor to be actively involved in the work of component auditors. Considering the audit environment in Korea, however, it is not easy to be applied effectively. Therefore, it is expected that the subsidiaries change their auditors to the auditor of parent company after the introduction of New ISA 600. In Korea, it is common that the parent and subsidiaries have different auditors. There are some concerns that Korea has confusion when New ISA 600 is introduced without any consideration. According to prior researches, the result is mixed on the effect of the alignment of auditors between parent and subsidiaries. While there is a dispute on the introduction of New ISA 600, related research has not been covered yet. In this study, we examine domestic and foreign cases with regard to dividing responsibility and obtain and analyze auditors' opinions. We hereby identify the pros and cons of the introduction of New ISA 600 and suggest directions for revision on related laws and regulations.