Page 39 - CA Final Audit Titanium Full Book. (With Cover Pages)

CA Ravi Taori
3A. Risk Assessment: Joint auditors need to evaluate and document the risks of material misstatement in the
financial statements. All identified risks should be communicated among the auditors.
3B. NTE of Audit Procedures: The joint auditors shall discuss and document the nature, timing, and the extent
of the audit procedures for common and specific allotted areas of audit to be performed by each of the joint
auditors and the same shall be communicated to those charged with governance.

(CNO-SA299.080) Joint & Several Responsibilities
1A. Common Areas: All joint auditors share accountability for not divided audit areas
1B. Decisions & Planning of Common Areas: Decisions taken by all the joint auditors under audit planning
in respect of common audit areas concerning the nature, timing and extent of the audit procedures to be
performed by each of the joint auditors.
1C. Agreed Matters: Joint auditors are jointly accountable for issues brought to their attention and agreed upon
collectively.
2A. Legal Requirements of FST: Examination of the financial statements to ensure they meet the relevant legal
requirements.
2B. Presentation and Disclosure: Responsibility for the proper presentation and disclosure as per the applicable
financial reporting framework.
3. Audit Report Compliance: Ensuring the audit report aligns with the requirements of relevant statutes,
auditing standards, and ICAI pronouncements.

(CNO-SA299.100) Separate Responsibilities
1A. RMM & ICS Responsibility: It is the individual responsibility of each joint auditor to study and evaluate
the prevailing system of internal control and assessment of risk relating to the areas of work allocated to said
joint auditor.
1B. NTE Responsibility: It shall be the responsibility of each joint auditor to determine the nature, timing and
extent of audit procedures to be applied in relation to the areas of work allocated to said joint auditor.
2. Collective Planning but Separate Individual Execution: As regards decisions taken by all the joint auditors
under audit planning in respect of common audit areas concerning the nature, timing and extent of the audit
procedures to be performed by each of the joint auditors, all the joint auditors are responsible only in respect of
the appropriateness of the decisions concerning the nature, timing and extent of the audit procedures agreed
upon among them, proper execution of these audit procedures is the individual responsibility of the joint auditor
concerned.
4. Communication & Co-ordination Responsibility:
(Shortcut:RADA) Where, in the course of the audit, a joint auditor comes across matters which are relevant to
the areas of responsibility of other joint auditors and which deserve their Attention, or which require Disclosure
or Require discussion with, or Application of judgment by other joint auditors, the said joint auditor shall
communicate the same to all the other joint auditors in writing prior to the completion of the audit.

(CNO-SA299.120) Audit Conclusion and Reporting
1. Discuss Conclusions: Before finalizing the audit report, joint auditors must discuss and communicate their
respective conclusions. This discussion forms the content of the audit report.
2. Common audit report: Joint auditors shall issue a Common audit report, subject to common agreement on
findings and opinions.
3. Separate audit report: Each joint auditor isn't bound by the majority's views regarding the audit opinion or
the matters to be covered in the audit report. In the event of a disagreement among the joint auditors, each
auditor reserves the right to issue a separate audit report expressing their unique viewpoint.

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