It is not clear how this will work in practice. It would be quite extraordinary (and virtually unheard of in the world of joint stock companies) for one auditor to be sitting in judgment on another’s work. Indeed, some may be reluctant to get into not such review work because of the possibility of messy disputes; others may seize the chance to question the work of rival firms. If such situations are to be avoided, it should be clear that what is being attempted is not a re-audit but a process review. Anything beyond that could lead to more problems than solutions. #doc
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