The Economic Times 4+

Joint audits should be made applicable immediately

Joint audits of large entities is advisable. All comments of increased cost, dilution of work and responsibility in case of fraud etc is misplaced and mentioned with lack of ground realities. The work allocation between auditors is a normal practice and then the joint final audit report is the norm. The ICAI the governing body for all CAs also mandates how joint audit has to be conducted, work distribution and reporting and how joint report is to be issued . Large government entities are under joint audit and there are no bad news coming as a result of joint audit. Fear of dilution of influence and revenue by the Big 4 is generating resistance. The RBI circular mandating rotation and joint audit and limit was the step in the right direction and the MCA should adopt the same for large entities. Audit fees are such a small cost in large companies that even to talk about is rather inexplainable. With the complexity of businesses increasing and Indian companies going global a simple principle of teo eyes are better then one needs no justification and needs to be implement in the larger interest of good financial reporting in the larger public interest

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