Reform in the audit market has been long debated with several options, such as shared audits, suggested as potential solutions. I discussed this topic with AccountingWeb last week for a piece looking at the issues facing challenger firms.
It’s no surprise that the ‘shared audits’ proposals are not meeting much support. Shared audits offer their own inherent risks, increased costs and impracticalities. Keeping the current auditor and future pool of auditors totally independent is critical.
For more information, read the full article here: Accounting Web – Challenger firms wilt under Big Four audit dominance