"Before the commencement of audit, the joint auditors should discuss and develop a joint audit plan”. Discuss the points to be considered in…

Before the commencement of the audit, the joint auditors should discuss and develop a joint audit plan. In developing the joint audit plan, the joint auditors should: (i) Identify division of audit areas and common audit areas; (ii) Ascertain the reporting objectives of the engagement; (iii) Consider and communicate among all joint auditors the factors that are significant in directing the engagement team's efforts; (iv) Consider the results of preliminary engagement activities, or similar engagements performed earlier. (v) Ascertain the nature, timing and extent of resources necessary to accomplish the engagement.