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Auditing
Can anyone explain this how is it possible?
Answers (3)
Thread Starter
K.V. KarthikCan you explain it briefly?
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.