Advantages and disadvantages of joint audits, Auditing

Advantages and Disadvantages of Joint Audits

The general disadvantages and advantages of joint audits as:

Advantages

1. All fees and work are welcome to audit firms.

2. An occasion to closely examine the auditing methods of other firm.

3. The other firm may have extraordinary expertise that might fit well in a joint business.

4. The other firm may have geographical place possibilities that complement.

5. The other firm may be of that a size such a client company can be serviced that may otherwise be beyond obtainable resources.

6. Flexibility of working arrangements along with another firm may avert bottlenecks owing to staff shortage on peak times.

Disadvantages


i. Shared legal responsibility. Liability for co-auditor's negligence.

ii. Lack of control. Another firm may have dissimilar audit standards that may be unsatisfactory.

iii. Any shared work or task may lead to personality clashes.

Posted Date: 1/28/2013 5:19:54 AM | Location : United States







Related Discussions:- Advantages and disadvantages of joint audits, Assignment Help, Ask Question on Advantages and disadvantages of joint audits, Get Answer, Expert's Help, Advantages and disadvantages of joint audits Discussions

Write discussion on Advantages and disadvantages of joint audits
Your posts are moderated
Related Questions
describe possible factors in the auditor-client relationship that can make it more difficult for the auditor to detect fruad

INDEPENDENT AUDITORS' REPORT Board of Directors Los Angeles County Fair Association Pomona, California We have audited the accompanying consolidated statements of financial posi

Types of Transaction - Related Party Fundamentally two types of transactions which arise between a related party and a company as: A. It is usual for members of a collectio

Attempts at definition of the 'true and fair' view There following quotations represent authoritative views on the meaning of true and fair view. A true and fair view impli

i have assignment question

Auditor's Duties - Audit of Current Assets The auditor's duties can be summarized as follows: a) The accounting ascertaining policies adopted through the entity for pri

IAS 20 Accounting for Government Grants and Disclosures IAS 20 Accounting for government grants and disclosures of government assistance The auditor needs to verify the

Related Services to Auditing Additionally, audit services, auditors offer other services. These can be categorized as: Assurance engagements: •    Audits •    Reviews Non-a

Existence of Debtors - Audit Process The easiest technique to establish the existence of a debtor is to enquire the debtor if he exists. This is done through use of a practice

Advantages and Disadvantages of Joint Audits The general disadvantages and advantages of joint audits as: Advantages 1. All fees and work are welcome to audit firms. 2. A