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Joint audit – meaning.

A joint audit is the audit of an entity by more than one auditing firm in order to present a single audit opinion to the audit committee, investors, government or a third party. As a result, all the auditors on the audited client share the responsibility for the client.

In a joint audit, the audit planning is done jointly, with parts of the audit work allocated to each of the auditors. The main point of difference between a joint audit and a group’s financial statements audited by component auditors and the opinion issued by a group auditor is that in a joint audit, the responsibility for the audit opinion is shared jointly by both the auditors while in a group audit, the group auditor takes full responsibility for the audit opinion, irrespective of which auditor actually performs the work.

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