Joint audits-advantages-disadvantages, Auditing

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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.

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