Group Audit Standard

This article clarifies the group audit requirements as a result of the clarity standard published by the AICPA.   Terminology such as component auditor is defined as well as the responsibilities that stem from this statement.   The provisions of this standard are within AU600.   http://www.journalofaccountancy.com/Issues/2013/Mar/20126525.htm

If you had learned auditing before this change, you are most used what used to be called the "principal" auditor and "other" auditors....this is now respectively known and referred to as the "group" auditor and the "component" auditor