Mandatory Rotations of Auditors - Printable Version +- Accountancy Forum (https://www.accountancy.com.pk/forum) +-- Forum: The Profession (https://www.accountancy.com.pk/forum/forum-the-profession) +--- Forum: Accounting and Audit (https://www.accountancy.com.pk/forum/forum-accounting-and-audit) +--- Thread: Mandatory Rotations of Auditors (/thread-mandatory-rotations-of-auditors) |
Mandatory Rotations of Auditors - smraza - 07-20-2003 According to Code of Corporate Governance the auditors will be changed after a certain period, then how the firms are going to manage it ? can anybody comment on this ???? S M R - geo - 07-20-2003 Raza, Most of the big firms have partners who also have firms, so what will happen is that for one year a sole firm might do the audit and then again to the parent firm in next year. And another possibilty is that firms will interchange clients for a year and back again, its also possible that work is performed by the same firm but the report contains the name of another auditor. They also have a choice of joint audits, changing the joint auditor. The most likely is Babaz of ICAP wont let it happen. Whatever the case nothing is being feared by the firms. - smraza - 07-20-2003 What do u think geo ?, doesnt it creates a sort of marketing among the firms ??????? S M R - geo - 07-20-2003 I think IF any such regulation is implemented in its true sense, most of the firms mission statement will contain.."GIVE & TAKE" - smraza - 07-21-2003 <img src=icon_smile_big.gif border=0 align=middle> Well said geo S M R - Paki - 07-22-2003 if there's anything to gain or lose in this, the major chunk of that rests with the major firms the 4 or 5 firms (so major manipulation is gonna happen that's gonna happen over there) for the small firms, its their test if they could turn this 'sneak a peek' view into a hole big enough to be the frontliners. I hope they do. Me rulz |