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ISCA issued EP 100 IG 2 in March 2018.
EP 100 IG 2 is issued to provide clarification on the definition and identification and determination of KAPs.
Matters discussed include “key decisions or judgment” and indicators to identify significant subsidiaries and divisions. In certain situations, an audit partner responsible for the audit of significant subsidiaries or divisions may not be determined to be an “other KAP” of the group audit engagement. Paragraph 1.2 of EP 100 IG 2 highlights the need for the engagement team to document its basis in arriving at this conclusion.
The FAQs in EP 100 IG 2 are meant to provide broad guidance when assessing if a partner is a KAP. They address certain illustrative scenarios and are not meant to be an exhaustive list.
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