07-20-2003, 04:23 AM
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
can anybody comment on this ????
S M R
07-20-2003, 04:23 AM
07-20-2003, 08:44 PM
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.
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.
07-20-2003, 08:57 PM
What do u think geo ?, doesnt it creates a sort of marketing among the firms ???????
S M R
S M R
07-20-2003, 09:07 PM
I think IF any such regulation is implemented in its true sense, most of the firms mission statement will contain.."GIVE & TAKE"
07-21-2003, 07:11 PM
<img src=icon_smile_big.gif border=0 align=middle> Well said geo
S M R
S M R
07-22-2003, 03:46 AM
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
Me rulz