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As per the reports published in various newspapers, the Union Minister of Corporate Affairs is planning to introduce a system where two firms may audit accounts of every company. Which of the following may be the impact of this dual audit system, when implemented ? This will bring transparent, independent and objective assessments of the functioning of the companies. This will create a warning or alarming system so that Satyam like episodes can be averted. This will give an opportunity to auditors to learn more about the ‘inside activities’ of the companies and also a better understanding of the business tactics, the companies adopt to beat their competitors.
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