3 Considerations When Choosing An Auditor

An independent, reliable, and ethically sound audit gives your company credibility and enables you to limit your financial and business risks, therefore contributing to business success.

We know that it’s vital to make the right decisions, therefore we’re going to detail 3 factors you should review on every auditor service and the key things to think about during the process.

In a nutshell: an external audit should deliver much more than business compliance. It should add value for your business, through the combination of experience, technologies and the approach your auditor takes.

Experience and Expertise

Most importantly, an auditing firm is supplying a service and the team to perform it. The team must have the right combination of knowledge and skills to complete the type of audit your business needs both to meet the regulatory requirements and the expectations of your clients.

It is important to consider the following things when looking into a company’s experience and ability:

• Years in the industry and certification
• Number of audits completed, and the types of audits offered

Only consider engaging a firm that is willing to have open and honest conversations, has a team with deep industry knowledge and is compliant with relevant legislative requirements, auditing standards and reporting best practices.

Auditors cannot effectively audit what they do not know. A strong relationship requires open two-way dialogue with your audit team. The right auditor:

• gets to know your business and communicates relevant legislation changes
• has the skillset and knowledge to sufficiently understand your business and industry
• understands the financial reporting requirements that applicable to your industry

At Exceed, we maintain a high quality of compliance, take pride in getting to know our clients business intimately and have passed all peer reviews conducted by the Independent Regulatory Board for Auditors (IRBA).

Technology & Value

A great auditing company takes advantage of current technology resources during audits to streamline the process, which provides a high-value, quality auditing experience.

There is no getting around the fact that audits require large amounts of time and effort, evidence gathering, and addressing of questions that arise during the process. Look for a company that uses technology to make the auditing process easier – there are technological advances that help streamline and accelerate evidence gathering, data analytics, and more.

Cost is always a factor, however, while it’s tempting to go for the cheaper option – don’t run the risk of not meeting the expectations set by your clients. In the long run this could lead to added costs to then bring in a more qualified auditing team to complete a last-minute assessment.

Look for a good mix of competitive pricing and value – and consider if there are cost savings to engaging the auditing company for multiple assessments. Ask questions to understand and assess the value behind the fees – don’t switch auditors solely because of cost.

At Exceed, we want to ensure your business benefits from a cost-effective and efficient audit, with an emphasis on supplying objective review of your company’s financial information.

Relationships and Ongoing Support

It is important to look for a company that offers independent auditing services, while still striving to keep great relationships with their clients.

Ask the auditing company you are considering partnering with how communication is to be supported. An open line of communication is vital to proving trust with the auditing team and the priority must be on creating ongoing proactive dialogue. This will help ensure there is always an open channel for communication to discuss changes like:

• Changes to your business environment or new business opportunities
• Compliance with new or added regulatory requirements

Consider your chosen audit partner your business advisor, which means consistent contact should the norm. Make sure you (and your staff) are introduced to the team who will be handling your account regularly so that comfortable working relationships are well established by the time the audit rolls round.

At Exceed, we offer three types assurances and business advisory services to help your business navigate emerging risks, embrace new technologies and operating changes. We offer:

• Audits: the highest level of assurance on their financial statements.
• Independent reviews: a lower but reasonable level of assurance than an audit.
• System audits: performed on a specific area to ensure internal controls are sufficient.
• Business advisory services: strategic solutions to ensure your business is optimally structured and sustainably positioned for success.

Exceed offers independent skilled auditing services.

We are committed to keeping the highest professional and technical standards and strive continually to grow our broad commercial knowledge and expertise. We are known market leaders (nationally and internationally) for the following:

• Our expert advice: our smart and practical advice, eye for opportunity and the sustainable value we help create, are essential tools for success.
• Client focused: we give our clients individual attention and true expertise delivered with efficiency and a genuine value-added approach.
• Building trust: we believe service is ultimately about building a relationship and then maintaining and nurturing it.

Need an auditing firm?

Now that we have you thinking about these few, but key, considerations to make when choosing our audit firm, it’s time to take it a step further. Audits and reviews don’t have to be burdensome, with Exceed you’ll benefit from a cost-effective and efficient audit, with an emphasis on expertise and supporting relationships.

Our experienced team at Exceed are standing by, get in touch now.