Collaborations

COLLABORATIONS

CO-AUDIT
AUDITTA GLOBAL WORLDWIDE can collaborate with any Company in the following scenarios: 
  • The Company has a need to strengthen their internal audit department requiring the additional expertise of an external auditor to verify some processes and their financial impact; 
  • An Audit Committee composed of several specialized auditors has been formed; 
  • Or the Group auditors require the participation of several auditors who carry out work in different areas of your organization. 
In mid-2016 the European Union adopted the European Audit Reform. One of the main developments of this reform was the mandatory rotation of audit firms after a number of years. The Reform also encourages JOINT AUDIT by providing clear incentives for Public Interest Entities to transition to this system by implying a period of higher rotation. Often misunderstood, joint auditing is a system with advantages that deserve to be taken into account.

The main features of the JOINT AUDIT or CO-AUDIT are:
  • Audit of an entity by two (or more) auditors who issue a single audit report.
  • Joint audit plan and work distribution to minimize duplication.
  • Work carried out by each auditor is subject to cross-review by the other auditor.
  • Auditors jointly review critical issues affecting the entity.
  • Auditors jointly inform the management of the entity, its audit committee and its shareholders.
  • Joint audit significantly increases independence and quality in exchange for very limited additional time (from +3 to +5%).
The main benefits of THE JOINT AUDIT or CO-AUDIT are:
  • It is the only proven mechanism that allows new players to enter the audit market for large multinationals.
  • Stimulates competition between a greater number of audit firms from different cultural backgrounds, leading to greater innovation and a better response to market needs.
  • It allows smaller firms to make the necessary investments, either in terms of geographical coverage, sectoral specialization or dimension.
  • Mitigates the risk of Big 4s becoming big 3, which would result in regulatory capture.
  • Strengthens the auditor's independence, in particular on the proper acceptance of services other than audit services.
  • Reduces the risk of over-familiarity by rotating the distribution of fieldwork among co-auditors after a number of years.
  • It strengthens the capacity of auditors by increasing their firmness in case of disagreement with the Company.
  • It encourages healthy dialogue between the two designated audit firms, creating a critical view of each auditor's respective work.
  • It strengthens the quality of the audit via the "four eyes principle", creating an independent, timely and incorporated quality control.
  • It stimulates innovation and awareness of challenges ("critical vision") by rotating fieldwork after a number of years.
  • It allows smooth and sequencing rotation of audit firms, minimizing customer disruption by harmoniously transferring knowledge and understanding of the entity's operations and cultures.
  • It offers the audited group the choice between a wider range of capabilities and geographic coverage.
  • It allows comparison of service levels between signatures, increasing the quality of service.
  • It complies with the Internal Standards on Auditing, and in particular the ISA 600.
  • It allows Companies to benefit from the technical specialization of more than one audit firm and to hold quality discussions on complex technical issues.
  • It increases technical knowledge by promoting a more diverse audit market.
  • It offers an additional scope for benchmarking best practices in the market.

COLLABORATIONS AND PARTNERSHIPS
We have a wide network of partners not only in the scope of the audit, but also in consulting and outsourcing fields, covering all the fundamental areas of a company and different sectors of the national and international productive network.

Currently we have active partners in tax, legal, commercial, employment, business development, as well as management control, business development, coordination of public grants, etc.

We know and have experience in various sectors among which we highlight technological, construction, energy, the latter being one of the sectors of which further development in the short term derived from the boom is expected, not only at national level but at European and global level of wind energy and especially photovoltaic plants. In this field we have experience in Financial Consulting in projects related to renewables and a partnership with one of the leading photovoltaic energy project development firms in our country.

Please do not hesitate to contact us at AUDITTA GLOBAL WORLDWIDE to discuss your specific needs.

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