SA 299

Ammendments in SA 299: Joint audit of financial statements

1.In case the joint auditors do not arrive at a mutual conclusion and they issue a separate report, the separate report should have other matter paragraph as per SA 706. In OM para, the auditor should mention that other joint auditor has issued a separate report which differs from his.

2. Review: Joint auditors can rely on work of each other and they need not review each other's work.

3. While planning the audit, the joint auditors along with key members of engagement team should also be involved.

4. Audit strategy and audit plan, as required in SA 300 should be formulated.