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The CA Institute has advised its members to take “all efforts” to ensure that the work allocation amongst Joint auditors with regard to banks be in “agreement with the management of the bank”.
“When so agreed, the said allocation may be carried out in consultation with those charged with governance of the bank”, said the advisory issued by the Chairman of the CA Institute’s Auditing and Assurance Standards Board.
This advisory comes in the wake of the CA Institute receiving information from RBI that there are certain issues between the banks’ joint auditors and the banks’ management regarding the allocation of work among the joint auditors.
As regards allocation of work among the joint auditors, the CA Institute’s Standard on Auditing (SA) 299 requires joint auditors to divide the audit work by mutual discussion.
The division of work among joint auditors as well as the areas of work to be covered by all of them should be adequately documented and preferably communicated to the entity, according to SA299.
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