RJ Limited has expanded its operations from a single Indian state to multiple countries worldwide. Due to this significant growth, the management…

As per SA 299, “Joint Audit of Financial Statements”, in respect of audit work divided among the joint auditors, each joint auditor shall be responsible only for the work allocated to such joint auditor including proper execution of the audit procedures. On the other hand, 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.