PQR & Associates and MNO & Co., both firms of Chartered Accountants, have been appointed as joint auditors of Gama and Beta Limited. Before…

(a) In accordance with SA 299, “Joint Audit of financial statements”, before the commencement of the audit, the joint auditors should discuss and develop a joint audit plan. In developing the joint audit plan, PQR & Associates and MNO & Co., the joint auditors should: (a) identify division of audit areas and common audit areas; (b) ascertain the reporting objectives of the engagement; (c) consider and communicate among all joint auditors the factors that are significant in directing the engagement team's efforts; (d) consider the results of preliminary engagement activities, or similar engagements performed earlier (e) ascertain the nature, timing and extent of resources necessary to accomplish the engagement.