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

International auditing and assurance standards board, The International Aud...

The International Auditing and Assurance Standards Board The IAASB is a Board familiar by IFAC. The associates of the IAASB are selected by the IFAC Board to serve on IAASB. IA

Beneficial ownership and existence, Beneficial Ownership and Existence ...

Beneficial Ownership and Existence Existence Existence of buildings and Land is not hard to display. You may even be sitting in such building.  Conversely, the audito

Verification work - audit process, Verification Work - Audit Process A...

Verification Work - Audit Process At the same time the audit process will need verification work as an example: examination of costing records, allocation and verification of

Over head, project report on absorption of overhead and its different meth...

project report on absorption of overhead and its different method

Share and deposits, Share and deposits Shares may consist of subscripti...

Share and deposits Shares may consist of subscription shares and paid up shares. Interest on shares might be credited to the accounts rather than being paid to ensure proper co

Annotated bibliography, Conducting a critical review of published literatur...

Conducting a critical review of published literature about a topic is fundamental step in developing your research skills. A first step towards a review of the literature is to sea

Joint audit, Advantages and disadvantages

Advantages and disadvantages

Acounting information systems, discuss the 4 stages of data processing in a...

discuss the 4 stages of data processing in an accounting information system

Ias 37 provisions and contingent assets, IAS 37 Provisions, Contingent Asse...

IAS 37 Provisions, Contingent Assets and Contingent Liabilities IAS 37 was mattered in order to deal along with the subjective area of provision and to prevent the requiremen

Responsibilities of the auditor, Responsibilities of the Auditor The Au...

Responsibilities of the Auditor The Auditor has no duty for the prevention and recognition of fraud and error though the annual audit might act as a restraint. As explained

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd