The Institute of Chartered Accountants of India (ICAI) has released the draft of Standards on Joint Audits for Chartered Accountants.
A joint audit is an audit of financial statements of an entity by two or more auditors appointed with the objective of issuing an audit report. Such auditors are described as joint auditors.
The Standard on joint audits lays down the principles for effective conduct of joint audit to achieve the overall objectives of the auditor as laid down in SA 200 “Overall Objectives of the Independent Auditor and the conduct of an audit in accordance with Standards on Auditing”. It deals with the special considerations in carrying out audit by Joint Auditors. Accordingly, in addition to the requirements enunciated in this standard, the joint auditors also need to comply with all the relevant requirements of other applicable Standards on Auditing.
The stakeholders are invited to submit their comments on the Exposure Draft by 11th August 2017. The coments should be either sent to the address, “Secretary, Auditing and Assurance Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, A-29, Sector-62, NOIDA, Uttar Pradesh – 201 309” or can be e-mailed to aasb@icai.in
Read the full text of the draft below.
