Paper Title
Joint Audit and The Implications of its use
Abstract
The global financial crisis led to the emergence of questions about the quality and scope of the independent audit. In an attempt to remedy the situation by the European Commission (EC) in 2010, a series of proposed solutions, which offer a joint audit, was one of them. In this type of audit, two audit firms simultaneously and individually perform the audit and the audit report issued a joint responsibility for this opinions. The main aim of this study was to evaluate the effect of joint audits of quality, cost and market audit. This study uses the results of previous research and the literature has addressed this issue. The results show that the empirical evidence supporting the positive role of the joint audit on audit quality is low and inconsistent. The impact of joint audit on audit costs, results showed that the joint audit requirements lead to increased costs and the optional use of different results. Also, the results showed that the audit market monopoly in countries that have a long history of using this type of audit (including Denmark and France) less than in other countries.
Keywords - Joint audit, audit quality, audit costs, audit fees, audit market.