Govt to reassess mandatory joint audit plan for big companies
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The government is having a rethink on a proposal to mandate joint audits of large firms by amending the Companies Act, as it weighs larger deliberations on the issue of fixing audit accountability when things go wrong, said a person aware of the details.
In a joint audit, two or more audit firms conduct the audit of a company and produce a single report. The proposal is aimed at improving the audit quality.
If any system of joint auditing is to be made mandatory for companies, it should have a clear-cut provision of fixing responsibilities.
In a joint audit, two or more audit firms conduct the audit of a company and produce a single report. The proposal is aimed at improving the audit quality.
If any system of joint auditing is to be made mandatory for companies, it should have a clear-cut provision of fixing responsibilities.
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