The Impact of the Revised International Auditing Standard (700) on Joint Audit Programs

Abstract

The Joint audit is one of the mechanisms proposed by the European Commission in its 2010 Green Paper, Audit Policy: Lessons from the Crisis, aimed at strengthening the independence of auditors, improving audit quality, and restoring While the importance of the joint audit is to improve the quality of the audit, its application has led to the emergence of many problems, including the problem of dependency resulting from the adoption of an auditor on the effort The Or see other reviewers, this problem appears on the users of financial reports affects confidence.

The amendments to International Auditing Standard No. 700 - in particular under the application of the Joint audit - have broadened the responsibilities of auditors in a manner that supports their independence in the report and expressed their opinion on the results of the review. The ISA700 (Revised) and the Standard of the Egyptian Audit No. (700) on the necessity of reporting on the completeness of the financial reports, and their responsibility in determining the financial errors that may be found in the financial reports, and the fairness and clarity of these reports. Audit Report Several paragraphs contribute to enhancing the independence of sensory auditors Obtain and increase information published about the company under audit ,This can have an impact in reducing the dependency problem associated with the application of the joint audit and consequently affect the quality of the audit and the level of confidence in the financial reports issued by the companies.