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.
