Dear Sir / Madam,
I have read the AAS 12 carefully and many thanks for your help!
You have done a really excellent and considerately great job.
I found from some internet source that, "In India, public sector companies
and banks have joint audits. The concept of a joint audit - where more
than one firm audits the financials - is not popular globally and of the
G20 countries is only practiced by France."
However,
(1)how can we define a company falls into the category of "public sector companies"? Is there any official list of "public sector companies"?
(2)And I was puzzled some of the companies employing joint auditors are not
banks and they are private in ownership.
Since joint auditors are generally more costly..It's really strange.
Why these private in nature(ownership)listed companies choose to employ joint auditors (rather than one audit firm), since they are not required must to do so by law?
So deeply thanks and looking forward to your quick reply.
Yours sincerely,
Daisy
CAclubindia
