SA 299 Advantages

Disadvantages

Advantage Disadvantage

Expertise Work Load Performance Service Local Firms Healthy Competition Cost Fees being Shared Psychological problem General Superiority Complex Coordination Areas of common concern Liability Responsibility

Pooling and sharing Reduced Better Performance Improved Service To The Client can conduct audit in a better Low where firms of different Uncertainty about the liability Neglected Uncertainty about the liability Lack of clear definition
manner standing are associated in the for the work done, for the work done,
joint audit.

(in terms of development of

specially in case of multi- staff and conducting audit)
national companies

SA 299
SA 299 Specific
Responsibility

points/area in which all the

joint auditors are jointly and
Work Audit Procedures Materiality and Test Check Risk assessment Compliance Procedure Substantive Procedure Audit Documentation Obtaining evidence and severally responsible.
reaching conclusions

"Responsibility of Joint On the other hand, all the

Auditors", joint auditors are jointly and
severally responsible

in respect of audit work

divided among the joint WORK Decision Matters Relevant Statue Audit Report Information and explanation
auditors, each joint auditor is
responsible only for the work
allocated
to him,
which is not divided decisions taken by all the joint matters which are brought to examining that the financial complies with obtaining and evaluating
auditors the notice of the joint auditors statements of the entity comply information and explanation
by any one of them

whether or not he has

the requirements of the
prepared a separate report on
with the disclosure relevant statute from the management
the work performed by him.
and on which requirements of
there is an agreement among the relevant statute.
the joint auditors.

is generally a joint
responsibility of all the
auditors.