Jam Ltd. is a company engaged in the manufacture of stainless steel items. The company operates through 5 business units and has 40 branches across…

Acceptance as Principal Auditor: The principal auditor, Krishiv & Associates, should consider whether their own participation is sufficient to be able to act as the principal auditor. For this purpose, the auditor would consider: (i) the materiality of the portion of the financial information which the principal auditor audits; (ii) the principal auditor's degree of knowledge regarding the business of the components; (iii) the risk of material misstatements in the financial information of the components audited by the other auditor; and (iv) the performance of additional procedures as set out in this SA regarding the components audited by other auditor resulting in the principal auditor having significant participation in such audit.