Joint audit of a company (Section 143) - joint auditors are:
AJointly and severally responsible, with division of work documented
BEach independent and not responsible for the other's work
COnly the senior most is responsible
DResponsible only to the audit committee
Answer & Solution
Correct answer: A. Jointly and severally responsible, with division of work documented
1. Joint auditors are jointly and severally responsible (SA 299).
2. They may divide work but each remains accountable for the audit as a whole.
3. Documentation of division is mandatory.
_Source: ICAI BoS CA Final Paper 3, Ch 5 "Company Audit"_
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