What is the role of a component auditor?

The role of a component auditor is specifically focused on performing work on financial information related to a component for the group audit. This means that when a larger group or organization is audited, the component auditor is responsible for examining the financial statements and records of a specific part or division of the organization. Their findings and work contribute to the overall audit of the group’s financial statements but do not encompass the entire group's audit process.

Component auditors play a crucial role in ensuring that specific areas of the organization are accurately assessed, especially when the group consists of multiple entities or locations. By focusing on particular components, these auditors can provide in-depth insights and details about the financial performance and compliance of that segment, which can then be aggregated or incorporated into the overall group audit opinion.

Considering the other choices, performing a full audit of the group's financial statements encompasses a broader scope than what a component auditor does, who focuses on specific segments rather than the entire group. Managing relationships with stakeholders and providing tax consultancy are unrelated tasks to the function of a component auditor, as they do not pertain to auditing financial information directly. Thus, the correct articulation of the component auditor's responsibilities aligns best with conducting work on financial information related to a component for the group audit.