Joint audits don't add up

In its final report on statutory audits in April this year, the Competition and Markets Authority of the UK suggested mandatory joint audits to increase choice in the market and thereby drive up audit quality. Though these are just recommendations and are yet to be accepted and legislated, the issue has become a hot topic in the Indian auditing fraternity.

The reasons are obvious. The audit profession is in the spotlight for all the wrong reasons, the latest trigger being the IL&FS fiasco and the alleged involvement of the auditing firms in the scandal. While a detailed investigation into the