Preparing an audit report for a group: separate audit reports for the group and parent company
This helpsheet was last updated in September 2018 and is based on the relevant laws and regulations that apply as at 1 September 2018. The only changes since the last version of the helpsheet are to the use of the audit report section to reflect the release of Technical Release 01/03AAF (Revised).
This helpsheet is designed to explain the main changes that are needed to the separate audit reports of a group and parent company compared to that of a company only. It does not seek to explain every difference, just the key areas to consider as a result of the differing legal and regulatory requirements.
The example wording in this helpsheet has been adapted from the company examples in the FRC’s Compendium of illustrative auditor’s reports. For the purposes of this helpsheet it has been presumed that the parent company is not listed nor a Public Interest Entity as defined by the EU Regulation. It is also presumed that the group and parent company financial statements are being reported on in separate audit reports. A separate helpsheet has been prepared which explains the changes where the group and parent company financial statements are reported on in a combined audit report.
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