Strengthening Audit Practices for Internal Financial Controls | Documentation and Joint Auditor Responsibilities

The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has identified critical challenges in auditing Internal Financial Controls over Financial Reporting (IFCFR). Auditors frequently encounter difficulties in obtaining sufficient and necessary audit evidence and documentation. Additionally, there are complexities in coordinating responsibilities among joint auditors, which necessitate a thorough understanding of professional standards and meticulous documentation practices.

In this story, we have discussed the Auditing and Assurance Standards Board’s suggestion related to the documentation mandate for audit evidence and the shared responsibilities of joint auditors concerning the audit of Internal Financial Controls over Financial Reporting by citing the relevant paras of guidance note on Internal Financial Control over Financial Reporting, and standards on auditing.

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