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Tabarno Beauty Products is a subsidiary of Jessiry Company. Tabano Beauty Products composed 50% of the total assets of the consolidated financial statements and is
Tabarno Beauty Products is a subsidiary of Jessiry Company. Tabano Beauty Products composed 50% of the total assets of the consolidated financial statements and is considered its major and leading subsidiary. When preparing the audit report, what should Albisi Auditing Team do with regards to the audit work done by Padayhag Associates regarding the subsidiary? Select answer from the options below Albisi Auditing does not need to reference the work of Padayhag Associates as they are the primary auditors. Albisi Auditing, being the group engagement partner, can assume full responsibility for Padayhag Associates. Albisi Auditing should reference the work of Padayhag Associates and mention their name even without permission as they won't assume responsibility for the component auditor's work. Albisi Auditing, as the group engagement partner, should reference the work of Padayhag Associates, especially since the subsidiary is a material amount of the group financial statements
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