Group audit
A set of elements, individuals, or observations all possess one or more characteristics. The word also occurs occasionally in statistics in its mathematical sense[OECD]. Simply stated, group audits are audits of financial statements that include the financial information of more than one component. There seems to be diversity in practice when firms audit financial statements with multiple components [Journal of Accountancy].
A group audit involves the audit of group financial statements. Group financial statements are financial statements that include financial information for more than one component. A component is an entity or business activity for which financial information is separately prepared and included in the group financial statements. A component is commonly a subsidiary, but it may also be a function, process, product, service, geographical location, or even an investment accounted for under the equity method [AccountingTools].
OECD Glossary of Statistical Terms - Group Definition. OECD. Retrieved from: https://stats.oecd.org/glossary/detail.asp?ID=3669
Group audit. Journal of Accountancy. Retrieved from: https://www.journalofaccountancy.com/news/2014/feb/20149529.html
Group audit. AccountingTools. Retrieved from: https://www.accountingtools.com/articles/group-audit