Having your business audited by an external service provider is about more than staying compliant. As a business owner, you will be required to work with auditors annually. The insights and results offered by an auditor can have a significant impact on your company’s success in the long-run and, when taking this into consideration, choosing the correct external auditor for your company’s requirements is crucial.
When choosing an audit firm, make sure that they will truly add value to your company – ask yourself whether their experience, qualifications, technology and methodology are truly right for your company’s auditing requirements. A professional audit firm should bring a diverse range of criteria to the table.
Here are some factors worth considering before making the final decision:
Qualifications & Experience
When choosing an auditor for your company, you want to be sure that you are choosing a firm with the required qualifications and experience. This is not only beneficial for your company, as it will ensure that the audit is completed more efficiently, but it will also ensure that the process complies with regulatory standards.
An auditor that is qualified and experienced will also be able to offer other relevant insights to your business to help you put their findings into action for overall improved business processes.
Technology & Software
If the audit firm that you are considering does not utilise advanced analytics software and technology, you might be losing out on significant insights. With the right software, an auditor can process a large amount of data in a shorter time and will therefore have more time to evaluate the findings to provide you with more grounded advice on how to improve your business’ processes.
Ask your potential audit firm how they manage and improve their quality assurance. Find out whether their work is compliant with relevant legislation, auditing standards, and best practices. Also, ask whether the staff attends regular training to develop their own skills and abilities while also keeping up with any changes in the industry.
Often, companies choose their auditor based on costs. Of course, costs should be considered, but do not always choose the cheaper service provider as the audit firm might not comply with statutory requirements – which would make your audit invalid. Therefore, take pricing into account but be wary of only settling for the less costly option.
If you think that you have found the right audit firm for your company’s needs, enquire about their additional services and support. Most audit companies also act as your business partner, and this could be highly beneficial for your business moving forward.
An auditor should ensure that your business is compliant and your affairs in order, but they should also be able to offer valuable advice on your business’ future.
(Article sourced from https://bit.ly/2SRvegU