Page 44 - CA Final PARAM Digital Book.

➢ Reporting

1 1
Before finalizing their Audit Report:

1a
1a
J.A shall Discuss and
Communicate with other
J.A s their respective
conclusions
2 2
Audit Report

3 3 4 4
Agreement with regard to the opinion: Disagreement with regard to the opinion:

JA is not bound by views of the majority regarding opinion or
4a
4a
matters to be covered in the audit report
Common audit report In case of disagreement in opinion or any matters to be covered
4b by the audit report, they shall express their opinion in a
4b
separate audit report.
Audit report by other J.As (Combined) shall make a reference to
4c the separate audit report,
4c
Separate audit report shall also make reference to Audit report
by other J.As (Combined)
Such reference shall be made under the heading Other Matter
4d
4d
Paragraph as per Revised SA

• SA 299 “Joint Audit of Financial Statements” deals with the professional responsibilities which the
auditors undertake in accepting appointments as joint auditors. The joint auditors are required to issue
common audit report, however, where the joint auditors are in disagreement with regard to the opinion
or any matters to be covered by the audit report, they shall express their opinion in a separate audit
report.

• A joint auditor is not bound by the views of the majority of the joint auditors regarding the opinion or
matters to be covered in the audit report and shall express opinion formed by the said joint auditor in
separate audit report in case of disagreement. In such circumstances, the audit report(s) issued by the
joint auditor(s) shall make a reference to the separate audit report(s) issued by the other joint auditor(s).

Further, separate audit report shall also make reference to the audit report issued by other joint
auditors. Such reference shall be made under the heading “Other Matter Paragraph” as per SA 706,
“Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report”.
Author’s Note
Question is asking to explain two things.
st
nd
1 Responsibilities of Joint Auditor & 2 Reporting by Joint Auditor’s.
But ICAI in its answer explains concept of “Reliance on other Joint Auditor, instead of “Responsibility of Joint
Auditor”. We advise to give answer as per what is asked, ICAI answer is inappropriate.

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