The International Standards on Auditing (ISAs) as applicable in Pakistan permit two or more independent auditors to carry out the audit of an entity and issue an auditors’ report on the entity’s financial statements jointly. Such an audit is termed as “Joint Audit”. However, ISAs as applicable in Pakistan do not provide any expressive provisions to deal with situations or considerations related to the joint audit.
In consideration of the above, the Institute’s Auditing Standards & Ethics Committee has developed the “Joint Audit Guide” (the Guide) for the benefit of members and other stakeholders. Earlier, the Institute through Circular No. 6 of 2018 issued Exposure Draft of this Guide for members’ comments.
The Guide aims to assist joint auditors to plan, conduct and conclude the joint audit in accordance with the ISAs as applicable in Pakistan. It discusses key principles of joint audit, matters related to joint auditor’s agreement, client acceptance and continuance, audit planning and performance, communication between joint auditors and issuance of the auditors’ report.
The guidance contained in the Guide is consistent with ISAs as applicable in Pakistan. It is to be noted that this publication is designed with the objective to facilitate and assist auditors in carrying out the joint audits effectively; therefore, it is not intended to be a substitute for reading the ISAs as applicable in Pakistan.
The Guide can be downloaded from the Institute’s website at http://www.icap.net.pk/wp-content/uploads/2018/10/JointAudit-Guide.pdf
Circular 12 – Joint Audit Guide