First thing’s first: timely audits are necessary for every firm. Hence you need to hire an external auditor if your company doesn’t already have internal auditors. When you choose an audit firm for your company, you must ensure that the firm suits the needs of your business.
Choosing an auditor: Six queries you must ask
In life, we have to make a lot of decisions. Of which, Some decisions involve very high stakes. Choosing an audit firm is one of those decisions. Hence you must ensure your satisfaction on the following points:
1. Which accountants will they provide your company’s audit?
Before hiring the firm for your company’s audit, you must make sure the competency of individual auditors that they will provide is high. Their certifications are up-to-date, and their track records are clean. So that the accuracy of audits to be carried out can be ensured. Make sure there are no un-addressed complaints about the accountant they giving your firm.
2. How can the company’s service add value to your company?
Is there anything special about the firm that you’re hiring? If you’re operating in Dubai, Is this firm among the top firms in Dubai? Are there any chances of your decision backfiring? Is the money your company is spending on this service worth it?
3. What is your fee proposal?
An accountant has a long way to go before he becomes a professional. Their studies are difficult. If their services are expensive, the chances are that it’s going to be worth it. “AN AUDIT IS AN AUDIT, FIND THE BEST PRICE!” is often quoted in this regard. So be ready to pay well for good services from a reputable firm. Be ready to pay well!
4. Any clients that the audit firm lost recently?
Looking into the record of the firm’s clients, you can find out the clients they gained and lost in recent times. You can check and ask around the causes of losing those clients as well, and this will help you reach closer to your decision to select or reject an audit firm.
5. How frequently does firm fire and hire?
You must ask a firm how often do they hire new employees and how often do employees leave the firm. This inquiry will help you get a fair enough idea of the firm’s environment and practices.
6. How long have you been in business?
The maturity of a firm can help assess the credibility of the firm. So you must ask this question. Since with age and experience, practices get better, work improves in quality and hence, you can place more confidence in the firms. Top audit firms in Dubai have long been in business, and hence they provide better service than the firms with lesser age of experience.
Make a wise choice for your business!
Auditing involves work, which is very crucial to any company’s operations. So when you hire an audit firm for your business, make sure you ask all the important questions. Choose the firm for which you get the most satisfactory answers regarding those queries you made. Be better informed and choose wisely!