SA 299: Responsibility of Joint Auditors :

This Standard deals with the professional responsibilities which the auditors undertake in accepting appointments as joint auditors. The SA, inter alia, lays down that the joint auditors should, normally, by mutual discussion, divide the audit work among themselves. The division of work among joint auditors as also the areas of work to be covered by all of them should be adequately documented and preferably communicated to the entity. The SA also states that each joint auditor is responsible only for the work allotted to him, whether or not he has prepared a separate report on the work performed by him. The SA describes the areas for which joint auditors are jointly and severally responsible. As per the SA, each joint auditor is entitled to assume that the other joint auditors have carried out their part of the audit work in accordance with generally accepted audit procedures. It also deals with the reporting responsibilities of the joint auditors. This standard very specifically states that the majority opinion would not be binding upon the other joint auditor(s) The SA became effective for all audits relating to accounting periods commencing on or after April 1, 1996.