Appointing New Auditors

Choosing the right auditing firm means not only will your business be compliant with financial and taxation regulations, but ultimately resolve issues and improve your company’s investor confidence and reputation. The insights of your external auditors are integral to your success year after year.

The criteria for choosing the right auditing partner for you should be based on a mixture of qualifications, experience, technology, and reliability. You will want to choose auditors that take the time to understand your business and offer valuable insights in order to achieve and sustain prosperity year after year.

Considerations for choosing an auditor

  1. Reputation
    A reputable auditing firm will have a competitive advantage over other companies which makes them a great choice. Word of mouth is always a great indicator of a firm’s reputation but looking online for reviews and awards the firm holds will further solidify your opinion of the firm/s you are researching.
  2. Experience
    You will want experienced and highly skilled auditors as your auditing partner in order to get the very best service in the auditing industry. If a firm has more than a solid decade of experience in the auditing industry, you can typically trust their expertise.
  3. Qualifications
    When choosing your audit firm, ensure that the lead audit partner assigned to your profile is suitably qualified and that they meet all the industry requirements for providing auditing services. Seek a firm that carries the necessary IRBA, SAICA and SAIPA registrations and approvals.
  4. Competitive Rates
    The old adage of you get what you pay for certainly holds true in the world of auditing. If your firm’s fees seem too good to be true, chances are they are. Cheap fees can be attested to auditors who are not suitably registered or accredited or that the full scope of auditing services is not adequately met.
  5. Technology Savvy
    In today’s digital world, many industries rely on a host of technology applications or packages that add value to both the firm and the client. Firms that are technologically savvy will be able to service their clients better as they are on the forefront of advancements and data handling.
  6. Assurance
    Quality assurance processes are critical in a good auditing firm. Not only will you need to be convinced that your business and financial compliance needs are met but you will want to know that your financial information is in capable hands. You can enquire if regular peer review procedures occur or if all partners are regularly trained and up-skilled in the financial services and auditing industry. You deserve the best in auditing standards and reporting best practices.
  7. Dedicated support
    You will want to choose an auditing partner who not only strives to understand your business but is in regular contact with you. Building a professional business relationship with your auditing firm provides you with value-added client care, advice, insights, and future focussed outcomes.

Get in touch with our team for professional auditing services tailor-made to your business needs by calling 011 672 0020, emailing info@mmsgroup.co.za or Get a Quote online.



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