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+--- Thread: Mandatory Rotations of Auditors (/showthread.php?tid=159)
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