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SA 299: Joint Audit of Financial Statements - Coggle Diagram
SA 299: Joint Audit of Financial Statements
Audit Planning, Risk Assessment & Allocation of Work
EP and Key Members from each JA shall be involved in planning
Jointly establish overall audit strategy
Discuss and develop joint audit plan
Developing Joint Audit Plan
Division of Work
In terms of identifiable units or specified areas
If not possible, then with reference to assets/liabilities/income/expenditure
Important areas to be covered by ALL JA
Ascertain reporting objectives
Consider professional judgement
Consider result of preliminary engagement
Ascertain NTE of necessary resources
Obtain common engagement letter
ROMM — assessed, communicated, documented — by each JA
Discuss & Document — NTE of AP for common & specific allotted areas
Obtain common EL & common representation letter
Definition — Joint Audit & Joint Auditor
Audit of FS of an entity by two or more auditors appointed with the objective of issuing audit report. Such auditors are described as joint auditors (JA).
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Responsibility of JA
Separate Responsibility
Only for work allocated to such JA incl. proper execution of AP
Joint Responsibility
Work not divided
Decision taken in respect of NTE of common areas
Matters brought to notice of JA by other JA
Examining FS compliance w/ relevant statutes
Presentation & disclosure of FS as per FRFW
Compliance of AR as per relevant statutes, SAs
In respect of matters relevant to other JA
Communicate such matter to all JA in writing prior to completion of audit
Reporting
Can issues separate AR in case of disagreement
JA is not bound by views of other JA
Required to issue common AR
JA to make reference to separate AR issued by other JA in his report in OM paragraph
Basic Assumptions
Other JA have carried other their part of audit work as per SAs
Other JA have brought to notice any departure from applicable FRFW or significant observations
No need to review work of other JA
Communication with TCWG
In case of modification — circumstances that led to modification and proposed wording (SA 705)
In case of EOM — Expectation of EOM and proposed wording (SA 705)
FS of Branch/Division audited by one of the JA
Specific & separate responsibility of each JA to
Review the AR/return of division/branch
Exercise judgement about visiting such
Branch/Division not separately assigned
JA may agree among themselves for division of work relating to review of such