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Are joint auditors have to obtain common engagement letter,common management representation letter?

Can anyone explain this how is it possible?


K.V. Karthik

K.V. Karthik

CA Inter

34K+

11-May-20 13:45

20

Answers (3)

As per para 11 under Requirements of SA 299 Revised "Joint Auditors" - The joint auditors shall obtain common engagement letter and common management representation letter.


sudha reddy

sudha reddy

Moderator

11-May-20 18:46

Can you explain it briefly?


K.V. Karthik

K.V. Karthik

CA Inter

34K+

12-May-20 08:54

When joint auditors are appointed, it is their joint responsibility of the total audit, unlike branch auditors who are only responsible for that branch . But joint auditors are given joint responsibility of the total audit of the company. In such case the the management will treat them as one for the purpose the audit. Amongst the joint auditors, they can decide who is going to represent all, who is going to audit which area but AS 299 states that they issue a common engagement letter and management representation letter so that there is uniformity. The Joint auditor who differs in opinion can definitely issue a separate report.


sudha reddy

sudha reddy

Moderator

13-May-20 08:03