4 things to consider before choosing an auditor or audit firm for your company
December 25, 2016
Choosing an auditor for your company
Auditing is a crucial part of your organizational processes that keep your company stable and consistent with the company goals for substantial business prosperity. Auditors are an integral part of an organization; both private and publically owned companies require auditing teams for internal and external audit. Auditors help you manage the financial activities in order to keep track of the cash inflows and outflows. Working with an auditor can be one of the most challenging things for a business manager or owner. Auditing teams are responsible to ensure consistency of the company’s financial processes that impact your overall business heath, which is why this decision requires a considerable thought. This article looks at 4 primary things you need to consider before choosing an auditor for your company.
- Get a sense of their expertise: Auditor can be hired independently or via a third party. Whichever way you choose, make sure that you have a good sense of the strengths and weaknesses of your auditor. Choosing the right auditor can help you easily manage your annual or quarterly audits with reliability. Remember that your auditor will become a part of your company, so understand what strengths you want in your auditor and what weaknesses can you handle in an auditor.
- Ability to adapt: As mentioned above, your auditor will become a part of your company; therefore, it is crucial that your auditor has the ability to adapt well according to your organizational settings. You can skip this consideration if you are willing to hire independent auditors for your schedule company audits. Many audit firms in Dubai offer comprehensive services to cover your diverse needs. Companies like MBG Corporate Services offer various audit and assurance services that include external audit, internal financial controls, internal audit, fraud risk management, forensic audit, financial due diligence and stock audits. Audit firms like MBG have a specialized staff that understands individual client needs to help you achieve your company audit goals according to your requirements.
- Industry experience: Relevant industry experience represents the number of years an audit firm has worked with clients. When looking for the experience of your audit firm or an independent auditor, make sure that you discuss their experience to understand the extent of their services and relationship with the past clients. Most audit companies in Dubai provide past client references that allow you to gauge their ability to work with diverse clients. In addition, make sure that you understand the kind of audit services you are looking for and then choose an audit firm or an independent auditor with similar expertise and experience.
- Transparency in communication: During the audit process, transparency in communication holds a significant place. Without the transparency, you will never be aware of the auditing processes and their outcome. Therefore, it is important that you choose an audit firm that understands the communication transparency and works with you during the company audit process to keep it seamless.
Make your company’s financial health easy to manage with a reliable audit firm. The right auditor will not only keep a track of your company’s financial health, but also present valuable reporting that will help you make better financial decisions.