Concerning the phenomenon that some Indian listed companies have more than one auditors,
1. Why?
2. Where can I find the regulatory requirments or law documents related?
3. When will an Indian listed company prefer for the single auditor and when prefer for the multiple auditors if not required by the law?
So many thanks!!
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Why some Indian listed companies have more than one auditors
Replies (1)
Dear Ting,
It is not at all mandatory to have Joint statutory auditors...whether it is listed co. or not.......
There is no law that governs the Joint Auditor requirementss, etc except a standard isuued by the ICAI + there are some intrsuctions of d council but i m not sure....
https://www.icai.org/resource_file/15379Link14_299SA-AAS12.pdf
There are basically following advantages of having Joint auditors -
1) Good quality of work
2) Ontime completion of Audit
3) Fixation of responsibilty (however it can back fire also if terms are not clearly defined)
4) Expertise since local firms are well versed with local laws
5) Cost effective (to some extent but not always)
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