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This will require these companies to engage both a lead auditor, from a Big 4 firm and a Challenger firms who will conduct 30% of the audit. It has largely been assumed by the auditing community that this will deal with the issues raised in relation to joint audit and that this would mean that the lead auditor would have liability for the group audit and the Challenger firm would not. The lead auditor is responsible for consolidating the work done by the challenger and the lead auditor and preparing the group audit report, and as such, the challenger firm reports to them. [Extracted from the article]