An audit is the evaluation of a business, usually done by an external entity. An audit can be done for various purposes, although the term is normally used in a financial sense. When an audit is conducted, the goal is to verify the financial status of the company. The entity that conducts an audit is called the auditor, while the entity that is being audited is the auditee.
A joint audit refers to the an audit wherein there are two distinct auditors. These two auditors will generate a single audit report and share responsibility for the results of the evaluation. Usually, joint audits are done for big corporations which carry out their business activities in different geographical jurisdictions.
One advantage of carrying out a joint audit is to increase the accuracy of the evaluation. With two different entities doing the audit, the data gathered can be verified by each entity. In a sense, the two auditors are able to countercheck each other’s work. Another advantage of a joint audit is that the process can be done much faster. With two entities working together to achieve a common goal, the tasks can be completed in a shorter period of time.
On the other hand, there are disadvantages to having a joint audit. Obviously, hiring two auditors means higher costs. More so, it can be quite a task to pick out two audit companies that can work well together. The success and efficiency of an audit largely depends on how all the individuals involved in the audit cooperate. The more people involved, the more complicated things can become.