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.