Shining a light on audit reforms

Cost cannot be an overwhelming consideration if joint audits lead to improvement in quality

The concept and practice of a joint audit have been piloted as a major reform in India as well as globally. Auditing failures often take centre stage in public discussions. These deliberations focus on improving the quality of audits and the healthy development of the audit market.

Unfortunately, joint audits have yet to be made mandatory by the statute or by capital market regulators; nor have they been introduced as a best practice, except for scheduled banks and public sector units.

In the past, the Institute of Chartered Accountants of India has also suggested mandating joint audits through the Companies