As government is contemplating to more accountability on auditors, shared auditing can be the answer to many problems as the audit firms will be compelled to keep check on books which will lead to greater transparency.

"Many developed economies have started to adopt share auditing system," said Geoff Barnes, global chief executive and president of audit and advisory firm Baker Tilly to ET. "Shared auditing is a new concept where one auditing firm audits at the top (parent company) and another firm audits subsidiaries of that conglomerate."

The chief executive of world's eighth largest network of independent accounting and business advisory firm feels small-medium enterprises and family owned business are same in India as anywhere else in the world. "Small companies are hungry for growth with entrepreneurial spirit," said Barnes. "To achieve this in right way they need to take care of raising capital, understanding of tax structures and governance related issues and we are focusing exactly that."

"The promoters are quite attached to their family business," says Geoff who loves to read history of American Civil War. "However, when they expand from one level to another they need to keep their check and balances in place."

Baker Tilly International is eighth largest network of independent accounting and Business advisory firms with combined member firms revenue of US$3.3 billion. The firm has 672 offices in 131 countries with 2, 650 partners globally working under the brand.