In joint audits, two (or more) audit firms are appointed to share responsibility for a single audit engagement and to produce a single audit report. Article 34 of the Audit Law provides for such a possibility, an option for public-interest entities (in the context of Article 2, point 22 of the Law on Audit) to contract statutory audit services with several independent audit firms.
Furthermore, in line with the Article of the Audit Law, a public-interest entity may define the requirements for such audit firms and the conditions governing the relationship between the audit firms selected for the joint audit.
To that end, please note that the International Federation of Accountants (IFAC) has recently issued an analysis which concludes that there is no clear impact of such joint audit arrangements to increase in audit quality. What is more, there are clear indications that such arrangements might harm the quality and independence of audits, and mandatory audit firm rotation.
Taking all the above into consideration and the competences of the Securities Commission in audit quality, overseeing the implementation of audit standards, the Securities Commission does not recommend audit firms to enter into joint audit or similar arrangements.
Please find a detailed analysis on the subject of joint audits by IFAC, at the following link: IFAC on Joint Audits.