In ISA 600, what must be communicated about the component's financial information?

In the context of ISA 600, the communication regarding the component's financial information is crucial for a proper understanding of the financial statements. The standard emphasizes the need for auditors to clearly identify the specific financial information that is being reported on. This means that the auditors must communicate details about which components or parts of the financial statements are involved, ensuring that the auditor's report is clear and comprehensive.

Identification of the financial information allows stakeholders, including users of the financial statements and other auditors, to understand exactly what is covered by the audit. This not only provides clarity but also sets the appropriate expectations for the reliability of the financial information being audited. By specifying the component’s financial information, it creates a context for the conclusions drawn in the audit report and helps mitigate any potential misunderstandings regarding the scope of the audit.

Other options, while related to financial analysis or disclosures, do not align with the specific requirement under ISA 600 concerning the identification of financial information to be reported. Summaries of management discussions, future performance estimates, and relevance in external comparisons are important in the broader financial reporting context but do not directly address the identification aspect specified in ISA 600. This clarity in communication is essential for ensuring transparency and effective auditing practices.