What is a benefit of conducting joint audits?

Conducting joint audits can significantly benefit smaller firms by providing them with opportunities to participate in more substantial audit assignments. Involving smaller firms alongside larger ones helps to distribute the workload and allows these firms to gain valuable experience and recognition in the industry. This collaborative approach fosters a learning environment, enabling smaller firms to enhance their expertise and capabilities while being part of a team delivering complex audit services.

Additionally, joint auditing can lead to wider acceptance of audit reports, as multiple firms bring diverse perspectives and expertise to the process. This collaboration can enhance the audit's credibility and ensure a thorough review, further supporting smaller firms' involvement in significant engagements.