The group engagement partner assesses the component auditor's competence and independence, sends instructions and reviews the work performed. Responsibility for the group audit opinion remains with the group auditor.
Source: BDS 600
Related terms
Group auditThe audit of the consolidated financial statements of a group made up of more than one component (subsidiary, branch, associate).ConsolidationCombining the financial statements of a parent and the subsidiaries it controls as if they were a single economic entity.Engagement partnerThe auditor who conducts the audit on behalf of the audit firm, is responsible for its results and signs the auditor's report.Adverse opinionThe opinion in which the auditor states that the financial statements are not presented fairly, where misstatements are both material and pervasive.Agreed-upon proceduresAn engagement in which the practitioner performs procedures agreed with the entity and, where relevant, a third party, and reports only the findings without providing assurance.Analytical proceduresThe evaluation of financial information through analysis of plausible relationships among financial and non-financial data.
Last updated: November 8, 2026 · This definition is for general information only.