7/8/2020 ICAI - The Institute of Chartered Accountants of India

Advisory for the Members regarding Allocation of Work among the Joint Auditors in case of Bank Audits - (06-03-2018)

Advisory for the Members regarding Allocation of Work among the Joint Auditors in case of Bank Audits
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1   As you are aware that ICAI has issued Standard on Auditing (SA) 299, “Responsibility of Joint Auditors”. Regarding
url=https://www.icai.org/post/advisory- allocation of
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for- for-
the- the-
work among the joint auditors, SA 299 provides as follows: members- members-
regarding- regarding-
allocation- allocation-
of- of-
     “Division of Work work- work-
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the- the-
joint- joint-
     2.  Where joint auditors are appointed, they should, by mutual discussion, dividein-the audit work among
auditors- auditors- themselves. The
in-
case-
division of work would usually be in terms of audit of identifiable units or specified areas. case-to the nature of the
of- In some cases, due of-
bank- bank-
business of the entity under audit, such a division of work may not be possible. In such situations, the division
audits- audits- of work may be
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with reference to items of assets or liabilities or income or expenditure or with reference03-
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periods of time. Certain areas of work,
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owing to their importance or owing to the nature of the work involved, would often not for-befor-
divided
for- for-andfor- would
for- be covered by all
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the joint auditors. members-
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     3.  The division of work among joint auditors as well as the areas of work to be covered
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of them
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documented and preferably communicated to the entity.” joint-joint-joint-joint-joint-joint-
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2   ICAI has received information from RBI that there have been certain issues betweenbank-of-the of-banks’
of- of- joint
of- auditors
of- and the banks’
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management regarding the allocation of work among the joint auditors. 06- 06- 06- 06- 06- 06- 
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3   In this matter, ICAI hereby advises its members that while allocating work amongst themselves, all efforts should be made that
the allocation of work amongst them should be in agreement with the management of the bank. When so required, the said
allocation may be carried out in consultation with those charged with governance of the bank.

Chairman,
Auditing and Assurance Standards Board

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