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
if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?

Forms of Evidence Observation , is mostly witnessing internal book-keeping procedures and system control. It involves attendance at wages pay out. Observation of stock-ta

You are the external auditor of Apex tour Ltd, a company which promotes New Zealand tours to Australia and owns chain duty free shops. You have been auditing the company since it w

Current Audit File The current audit file might include inter alia: a) A copy of the audited financial statements and any report prepared as a result of audit work carried out

(a) Define each of the following four concepts. -Master Data Management -Data Quality -Data Governance -Cloud Computing Explain how they relate to the various Busine

Information in the Fixed Assets Register The register can obtain the following information: i. Fixed asset number. ii. The cost and the date of purchase. iii. Descrip

The Business Risk Approach to Auditing In recent years the broader concept of business risk has been developed by the larger firms. It was the subject matter of the ICAEW audit

Deposits and Share - Building Society Shares may make of subscription shares and paid up shares. Interest on shares might be credited to ensure specific control to the account

why are the figures presented to an auditor not sufficient for absolute reliance

Financial Institutions and Banks - Audit Situations Financial Institutions Because of the recent collapse of many financial institutions, this is still a heavily regu