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These days it is in practice by large entities to

appoint more then one auditor to conduct an audit. Such auditors conduct the audit jointly and report on the financial statements.

Crux of the Standard

Division of work. Joint and individual responsibilities. Relying upon the work of other joint auditors.

Joint audit of Branches.

Reporting. Documentation.

Division of Work
Based on the following:
1. 2. 3. 4.

Branches or Regional Office Plant wise Asset wise or Liabilities wise. Income or Expenditure wise.

Certain important area of work maybe carried out by all joint auditors. Documentation and written correspondence of all the auditors is required. It will facilitate coordination among the auditors.

Joint and individual responsibilities.

Joint responsibilities:

Audit work not divided. Matters, brought to the knowledge of and agreed by joint auditors, by one joint auditor. (Except If matters are brought after submission of audit report.) Collective decisions like nature, timings & extent of Audit Procedures to be carried out. Compliance & discloser requirements as per statute.

Individual responsibilities:

work allocated to him. Drafting his own audit programme. Determining nature and extent of audit procedures. Keeping appropriate working papers.

Relying upon the work of other joint auditors.

Each joint auditor is entitled to rely upon the work of

other joint auditors. It is not necessary for a joint auditor to review the work of other joint auditors or perform any tests to ascertain whether work has been performed in accordance with generally accepted audit procedures.

Joint audit of Branches.

The branch auditors report should be scrutinized by the

joint auditor in accordance with the allocation of work. In such cases, the joint auditor is separately responsible for the reports of the branch allotted to him. And also to see that they are properly incorporated in the accounts of the entity. Other joint auditors can rely upon work of a joint auditor, regarding the branch allotted to him, unless any other joint auditor does not specifically brings out material discrepancy. Division of work- In respect of branches not falling under any division or zone, joint auditors may decide among themselves on the basis of branches assigned to them.

Separate reporting in case of disagreement. Where the joint auditors are in disagreement with

regard to any matter, each one of them should express his own opinion through a separate report. The joint auditor is not bound by the views of the majority of joint auditors regarding matters to be covered in the report.

Division of work Working papers by each joint auditor regarding the

work performed by them individually.