IRBA: Revised Guide on Joint Audit Engagements

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IRBA: Revised Guide on Joint Audit Engagements

• 27 May 2024
• Auditing and Assurance
• South African Accounting Academy

The Guide provides guidance to registered auditors (auditors) on the application of the International Standards on Auditing and IRBA pronouncements in the circumstances in which auditors or firms perform a joint audit engagement.

The guide is effective for audits of financial statements for periods ending on or after 31 December 2024, with earlier adoption permitted.

The Guide also contains 6 Appendices:

1. APPENDIX 1 Joint Auditors’ Considerations in Audits of Group Financial Statements
2. APPENDIX 2 Summary of Documentation Considerations regarding Topics Covered in this Guide
3. APPENDIX 3 Topics and/or Aspects a Joint Auditor May Consider to Understand Another Joint Auditor’s System of Quality Management (Not Intended to be an Exhaustive List nor a Checklist)
4. APPENDIX 4 Extracts from IRBA Pronouncements that are of Relevance to Joint Audit Engagements
5. APPENDIX 5 Inspecting Joint Audit Engagements
6. APPENDIX 6 Understanding the Differences between Joint and Shared Audit Engagements

Click here to download the Revised Guide:

https://www.irba.co.za/upload/Guide%20for%20RAs_Joint%20Audit%20Engagements%20(Revised%202024).pdf

Relevance to Auditors, Independent Reviewers & Accountants:

• Members of IRBA should stay up-to-date with the latest developments and guides that affect registered auditors.
• Practitioners must be aware of the content of any guidance issued by IRBA.
• As a joint auditor, you need to consider and assess the other joint auditors, and perform certain procedures in this regard.

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