Reading Time: 3 minutes
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.

Assurance 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.

Additional support

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

Related Articles

How Internal Audit Can Add Greater Business Value

Adding Greater Value Through Internal AuditInternal audit is an essential component of any organisation that evaluates and improves the effectiveness of risk management, control, and...

Sir, is that onerous?

The severe restrictions imposed throughout the pandemic and the recent damage done due to various instances of looting have led to the issue of onerous contracts raised once more. These...

Dealing with a Covid-19 Going Concern Dilemma IV

Our 4-part blog series on dealing with Covid-19 business challenges in the context of the going concern basis of financial statement preparation concludes with this as part IV. In this...

Dealing with a Covid-19 Going Concern Dilemma II

In this 4-part series, the MMS Group is covering how to deal with Covid-19 in the context of going concern. In part I, we explained the meaning of going concern and what factors...

Dealing with a Covid-19 Going Concern Dilemma I

One of the most important decisions that need to be taken under IFRS during the process of preparation of financial statements of an entity and ahead of the financial auditing process,...

Financial auditing & POPI | What you need to know

As a business owner, your operational concerns include security and the protection of personal information. The Protection of Personal Information Act or POPIA, came into effect 1 July...

Creating order in times of chaos

Business success is facilitated by order. As an entrepreneur, starting a business is like walking a tightrope. How can you be a technician of success as a business owner? The business...

Let us assist you with:

Contact Us