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
Trademarks and Patent Trademarks and then written off over their useful lives and patents may be capitalized along with any renewal fees being charged to revenue. Whether a tr

Action if Management Refuses to Provide Representations If management refuses to provide a representation that the auditor considers essential, this constitutes a scope restric

Problem: (a) Your client has sought your advise on the procedures to be adopted for carrying out the stocktaking which is based on a year-end count. You are required to prepa

Auditor Further point to note is which modern companies can be exclusively large along with multi-national activities.  So preparing accounts for that a group becomes a widely

Long Term Contracts - Audit Process The authoritative document with reference to long term contracts is IAS 11: Construction Contracts and IAS 18: Revenue Recognition, and ISA

Kelley Brent, CA, is a partner in a one-office CA firm that audits Dane, Inc., a closely held corporation. Kelley''''s sister was recently appointed as the chief financial officer

Please assist me with this internet research, Search the internet (e.g. a company's website or sec.gov and find an audit report for a company's audit of internal control over fi

Audit Procedures - Intangible Assets The auditor's process as far as goodwill is relating would involve as: a) Vouching for details as per the buy agreement of the values

Detail work on stocks - Audit of Current Assets Detail work on stocks is imperative in an audit, since there are other review tests that are equally important and these includ

Motor Vehicles - Audit Process Similar considerations govern the audit of motor vehicles as to those relating to machinery and plant.  The simply matter of consideration now i