Joint audits-advantages-disadvantages, Auditing

Assignment Help:

General advantages and disadvantages of joint audits

Advantages:

All work and fees are welcome to audit firms.
An opportunity to closely inspect the auditing methods of another firm.
The other firm may have special expertise which might fit well in a joint business.
The other firm may have geographical location possibilities which complement.
The other firm may be of such a size that a client company can be serviced which may otherwise be beyond available resources.
Flexibility of working arrangements with another firm may avert bottlenecks owing to staff shortage at peak times.

Disadvantages:

Shared legal responsibility. Liability for co-auditor's negligence.
Lack of control. The other firm may have different audit standards which may be unsatisfactory.
Any shared work or responsibility may lead to personality clashes.

Related Discussions:- Joint audits-advantages-disadvantages

Risk of material misstatement, For each of the following situations, descri...

For each of the following situations, describe how risk of material misstatement should be assessed and what effect the assessment will have on detection risk. (i) Johnson is a

Audit evidence, list four assertions that relate to account balances

list four assertions that relate to account balances

Dealings with directors and other parties, Dealings with Directors and Othe...

Dealings with Directors and Other Parties - Sundry Debtors and Loans Dealings along with directors and other related parties: The auditor's duties are follows as: i. The revi

Math, 10+22=

10+22=

Violated or not, e following situations involve a possible violation of the...

e following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Code has bee

Negligence in general, Negligence in General There is no case against a...

Negligence in General There is no case against auditors and this made it hard to be accurate as to where the auditor’s legal liability falls. We require therefore referring to

Assertions about disclosure, Assertions about disclosure Assertions ...

Assertions about disclosure Assertions about disclosure and presentation : a) Rights and Occurrence and obligations -disclosed transactions and events and other issues

Procedures when fraud is suspected, Procedures When Fraud is suspected ...

Procedures When Fraud is suspected Whenever the auditor encounters situation that might indicate that there is a material mis-statement in the financial statements resultant fr

Discontinued operations - audit of accounting estimates, Discontinued Opera...

Discontinued Operations - Audit of Accounting Estimates A discontinued operation is a component of an entity that either has been disposed of or is held for sale. So it might

Advocates - specialized audit situation, Advocates - Specialized audit Situ...

Advocates - Specialized audit Situation The statutory provisions regulating the handling of client's monies are covered in the advocate's act. Reason of the rules:

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages