Exposure Draft

Standard on Auditing (SA) 299 (Revised) Joint Audits

(Last date for comments: August 11, 2017)

Issued by
Auditing and Assurance Standards Board
The Institute of Chartered Accountants of India
(Set up by an Act of Parliament)
New Delhi

Exposure Draft

Standard on Auditing (SA) 299 (Revised) Joint Audits

Your comments on this Exposure Draft should reach us by August 11, 2017. Comments are most helpful if they indicate the specific paragraph(s) to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. The comments should be sent to:

Secretary, Auditing and Assurance Standards Board
The Institute of Chartered Accountants of India
ICAI Bhawan, A-29, Sector-62,
NOIDA, Uttar Pradesh –201 309

Comments can also be e-mailed at: aasb@icai.in

Standard on Auditing (SA) 299 (Revised) Joint Audits

Introduction

Scope of this SA

1. The practice of appointing more than one auditor to conduct the audit of large entities is followed for a longtime, sometimes voluntarily by the shareholders or sometimes due to the requirements of laws or regulations. Such auditors, known as joint auditors, conduct the audit jointly and report on the financial statements of the entity. This Standard on joint audits lays down the principles for effective conduct of joint audit to achieve the overall objectives of the auditor as laid down in SA 200 “Overall Objectives of the Independent Auditor and the conduct of an audit in accordance with Standards on Auditing”. It deals with the special considerations in carrying out audit by Joint Auditors. Accordingly, in addition to the requirements enunciated in this standard, the joint auditors also need to comply with all the relevant requirements of other applicable Standards on Auditing. (Ref: Para. A1-A2)

2. A joint audit is an audit of financial statements of an entity by two or more auditors appointed with the objective of issuing an audit report. Such auditors are described as joint auditors.

3. The Standard does not deal with the relationship between a principal auditor who is appointed to report on the financial statements of an entity and another auditor who is appointed to report on the financial statements of one or more component (divisions, branches, subsidiary, joint venture, associates, other entity) included in the financial statements of the entity. (Ref: Para. A3)

Effective Date

4. This Standard on Auditing is effective for audits of financial statements for periods beginning on or after …………………

Objectives

5. To lay down broad principles for the joint auditors in conducting the joint audit.

6. To provide a uniform approach to the process of joint audit.

7. To clearly identify the distinct areas of work and coverage there of by each joint auditor to arrive at a common audit report.

8. To identify individual responsibility and accountability of each of the joint auditors in regard to areas covered by them and to enable identification of situations which would lead to joint responsibility and accountability of all joint auditors.

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