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

The independence between the auditor and the client, Explain the independen...

Explain the independence between the auditor and the client on financial statement audit engagements

Providers of funds, Providers of Funds A further point to note is that ...

Providers of Funds A further point to note is that modern companies can be very large with multinational activities. Preparing accounts for such a group becomes a very complex

Explain Statutory Audit, Statutory Audit is a mandatory audit done by a CA....

Statutory Audit is a mandatory audit done by a CA. Finance Audit is conducted by the CA to compliance the legal supplies of monitory issues. If the audit for a business or an orga

Auditing, YvesLaurent has just been put in charge of the BeautyNatural Inc....

YvesLaurent has just been put in charge of the BeautyNatural Inc. audit.BeautyNatural is a small, but growing retail chain of natural cosmetics stores. BeautyNatural needs to borro

Audit report, You are auditing XYZ company for the year ended 12/31/2012 an...

You are auditing XYZ company for the year ended 12/31/2012 and will be expressing an opinion on their financial statements as of that date. You completed your field work on 1/21/13

business risk and controls, What is business risk and what controls should...

What is business risk and what controls should organizations have in place?  Business Risk and Controls Business or operational risks related to the activities carried out

Trademarks and patent, Trademarks and Patent Trademarks and then writt...

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

audit tests and recording items in the audit, With reference to the case s...

With reference to the case study business, identify appropriate audit tests to be carried out. Prepare a statement of the work to be carried out and the manner in which it will be

Goodwill and business combinations - intangible assets, Goodwill and Busine...

Goodwill and Business Combinations - Intangible Assets Goodwill is the one of most strange of all assets since it cannot be differentiate from the business.  It cannot be sold

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