ASD Limited's business has grown from one state of India to various countries of the world. Since the business has increased manifold, the…

Joint Audit of Financial Statements: As per SA 299, “Joint Audit of Financial Statements”, all the joint auditors shall be jointly and severally responsible for: (i) the audit work which is not divided among the joint auditors and is carried out by all joint auditors; (ii) decisions taken by all the joint auditors under audit planning in respect of common audit areas; (iii) matters which are brought to the notice of the joint auditors by any one of them and there is an agreement among the joint auditors on such matters; (iv) examining that the financial statements of the entity comply with the requirements of the relevant statutes; (v) presentation and disclosure of the financial statements as required by the applicable financial reporting framework; (vi) ensuring that the audit report complies with the requirements of the relevant statutes, applicable Standards on Auditing and other relevant pronouncements issued by ICAI.