Joint Audit
An engagement where two or more audit firms are jointly responsible for the same audit, each taking responsibility for the work they perform and jointly for the report.
Related terms
- Input Tax Credit (ITC)
The GST paid on purchases that a registered business can set off against the GST it owes on its own sales.
- IT General Controls (ITGC)
Controls over the IT environment supporting financial reporting applications — access management, change management, and IT operations — distinct from controls within a specific business process.
- Key Audit Matters (KAM)
Matters that, in the auditor's professional judgment, were of most significance in the audit of the current period's financial statements, communicated under SA 701.
- Key Control
A control that, if it failed, would be unlikely to be detected by another control in time to prevent a material error — the controls an IFC testing plan should prioritise.
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