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

Internal Audit., #quInternal Audit checklist for fixed assetsestion..

#quInternal Audit checklist for fixed assetsestion..

Co-operative societies and parastatals, Co-operative Societies and Parastat...

Co-operative Societies and Parastatals Co-operative Societies An audit in this case is carried out as a general audit except you should notice that the auditor is appoi

Importance of related party transactions, Importance of Related Party Trans...

Importance of Related Party Transactions Whenever the existence of about transactions and parties among such parties are considered ordinary features of business, the auditor

Audit evidence, State four factors considered determining sufficiency of a...

State four factors considered determining sufficiency of audit evidence

Contingencies and provisions, Contingencies and Provisions (i) Receive...

Contingencies and Provisions (i) Receive the client's schedule of provisions and seek and contingencies supporting documentation in the form of legal opinions, correspondence

Ifrs 5 non-current assets, IFRS 5 Non-Current Assets IFRS 5 Non-Curren...

IFRS 5 Non-Current Assets IFRS 5 Non-Current Assets Held for Discontinued and Sale Operations The Discontinuing Operation is a component of an enterprise: (a)  Such the

Audit procedures for obtaining audit evidence, Question: Part A (i...

Question: Part A (i) List and define five audit procedures for obtaining audit evidence. (ii) Why is it necessary to obtain corroborating evidence for inquiry and obser

When does an audit trail start, Question: Explain the type of audit con...

Question: Explain the type of audit conducted by the sponsor when he suspects or comes to know that the site will be audited by FDA. A Mention type of audit conducted by the

Why audit of procurement is considered important, The Department of Higher ...

The Department of Higher Education (DoHE) in the Ministry of Education awarded a contract for support of 60 computers to My IT Co. Ltd. and the contract conditions required the del

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