SA 299 IN BRIEF

They are I. Division of work II. Coordination III. Relationship Among Joint Auditors IV. Reporting Responsibilities Joint Auditors usually entitled to assume the following a. That the other joint auditors are competent to audit their respective area b. Not necessary to review the work done by the other joint auditor c. Joint auditor can very well rely on the other joint auditor that if he comes across any information relating to his area he will definitely shares it to him urgently on a timely basis.

**SA 299 (AAS 12): Responsibility of Joint Auditors** **Joint Auditors:** Practice of appointing more than one auditor to conduct the audit of large entities. Such auditors, known as Joint Auditors. Joint Auditors conduct audit jointly & report on the financial Statements. **Applicability**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 divisions or branches included in the financial statements of the entity. e.g. Relationship between the Principal auditor and Branch auditor. **The concept of Joint Auditors are divided into four topics.** They are I. Division of work II. Coordination III. Relationship Among Joint Auditors IV. Reporting Responsibilities **Joint Auditors usually entitled to assume the following** a. That the other joint auditors are competent to audit their respective area b. Not necessary to review the work done by the other joint auditor c. Joint auditor can very well rely on the other joint auditor that if he comes across any information relating to his area he will definitely shares it to him urgently on a timely basis. Normally, the Joint auditors are able to arrive at an agreed report. If the joint auditors have different audit opinions, in such a case joint auditors having different opinion will give different audit reports.

Dear friend > SA 299 - Responsibility of Joint Auditors --Deals with Responsibilities of Joint Auditors
--Does not deals with relationship between Principal Auditor and another auditors Division of Work with mutual consent
----Identifiable units / specified areas
----Assets / Liabilities
----Income / Expenditures
Document the division
Communicate to the client Co-ordination --Share information
-----Which deserve others attention
-----Require disclosure -----Required mutual discussion
-----Application of judgment by other auditors
-----To be done before finalisation of audit Reporting
--Normally, joint auditors are able to arrive at an agreed report
--However, if disagreement then each one of them should express opinion through a separate report
--Joint auditors are not bound by the view of Majority Relationship / Responsibilities
Responsibilities
--Responsible for work allocated to him (whether or not separate report has been made)
----Nature, timing extent of audit procedure applied
----Test checking & Sampling
--Jointly and severally responsible for
----Undivided work
----Decision taken by all
----Matter brought to notice and on which there is an agreement
----Disclosure requirements
----Joint Audit report

Hello, SA 299 deals with the Responsibility of Joint Auditors. In this SA it speaks about the Responsibility of Joint Auditors. How they should accept the audit jointly, how they should divide the among themselves, how to co-ordinate with each other and more importantly how both will be held liable for any fraud & errors done by each other and how to protect yourself aganist the mistake of other joint auditor. It also specify that each joint auditor is not bound by the opinion of the other joint auditor. He can issue a different audit report if he differ his opinion from other joint auditor. How to Divide work & Not be influence by other Auditor Opinion is the important part of SA 299

Dear Prashant SA 299 ( i.e. AAS 12) deals with Responsibility of Joint Auditors full name of it is **SA 299 (AAS 12): Responsibility of Joint Auditors** Joint auditors should, by mutual discussion, divide audit work. Division of work would usually be in terms of audit of identifiable units or specified areas. Division of work may be with reference to items of assets or liabilities or income or expenditure or with reference to periods of time. If a Joint auditor comes across matters which are relevant to areas of responsibility of other joint auditors and which deserve their attention, or which require disclosure or discussion with, or application of judgment by, other joint auditors, he should communicate the same to all other joint auditors in writing prior to finalisation of audit. Certain areas of work, owing to their importance or owing to the nature of work involved, would often not be divided and would have to be covered by all joint auditors. Each joint auditor is responsible only for the work allocated to them, whether or not s/he has prepared a separate report on work performed by them. and All joint auditors are jointly and severally responsible in respect of the audit work which is not divided amongst them, for the appropriateness of decisions taken by them concerning the nature, timing or extent of the audit procedures to be performed by any of the joint auditors, for examining that the financial statements of the entity comply with disclosure requirements of relevant statute, for ensuring that audit report complies with the requirements of relevant statute and in respect of matters which are brought to the notice of joint auditors by any one of them and on which there is an agreement among joint auditors. any any doubt please let me know Regards Arjun pratap singh