Selecting the right auditor for your business isn’t just a decision – it’s a strategic move that can shape and redefine your organisation’s success in the years to come. But how does one select the right auditor amidst many prospects?
Your auditor should possess an intricate blend of qualifications, experience, knowledge of innovative technology, and a tailored approach.
Considerations that merit your attention:
- Experience: Having an auditor familiar with your industry can lead to a streamlined audit process. This experience allows them to offer more relevant value-added services and translate their analysis into actionable steps for your business. Consistency in the audit team can also lead to more efficient audits from year to year.
- Qualifications: When regulatory audits come into play, aligning with the stipulations of external regulators becomes paramount. This means ensuring that your lead audit partner meets the regulator’s conditions to a tee. For instance, if ASIC requisites are your concern, entrusting your audit to a registered company auditor (RCA) is non-negotiable. Check the professional registers section of the ASIC website to verify your auditor’s registration status.
- Quality Assurance: An auditor should be able to demonstrate their dedication to maintaining professional service quality. That is, following relevant laws, auditing standards, and best practices. For instance, assess the presence of regular peer reviews, evaluate whether the audit team participates in continuous internal and external technical training and professional development.
- Use of innovative technology: In an era where technology reigns supreme, auditors equipped with data analytics prowess are a game-changer. Advanced technology efficiently processes large datasets, identifying anomalies accurately. This empowers auditors to analyse their findings, interpret data nuances, and provide proactive advice for strategic business improvements.
- Reasonable fees: While audit fees can wield considerable influence, remember that quality must not waver. ASIC emphasises the need for adequate audit fees that uphold audit quality. Striking a balance between cost and quality is a strategic imperative.
- Reputation: Testimonials, references, and awards underscore an audit firm’s credibility. Consider the Client Choice Awards which Accru Felsers has been nominated and received top honours in consecutive years, most recently winning awards in ‘Best Accounting & Consulting Services Firm ($30m-$100m)’ and ‘Best CX Firm: Accounting and Consulting Services’ for 2023.
- Paving the Path Ahead: An adept auditor surpasses the role of audits to emerge as a trusted business advisor. Consistent year-round involvement reveals vital insights for informed decision-making, often based on real-time data. Moreover, audit firms integrated into a global professional network offer added benefits, particularly when contemplating international business expansions.
Although external audits are obligatory for certain entities, a valuable external audit extends beyond mere business compliance and retrospective financial reporting. Your auditor should function as a strategic partner capable of offering thorough analysis, unwavering assurance, and forward-looking business counsel.
Accru Felsers auditors consistently deliver outcomes that redefine audit excellence. Ready to unveil the possibilities? Reach out and unlock how an audit could usher in unparalleled advantages for your business.