Audits are similar to doing medical checkups. You do not look forward to doing them, but you know that your company will be “healthier” by the end of it. Another benefit of it is that your company will fare well in the long run as it will be going exactly according to the policies and procedures that it has set. Similar to when looking for a doctor, you want an auditor who will perform their job well and also look into your concerns without judging you. The right auditor will be the one you will be able to trust to make decisions for your health.
This is why you need to choosing your auditing firm as carefully as you would choose your doctor. This team of auditors will look into your company and discover the dirty and neglected details of your financials and operations. They will help you cut out all the toxins that could be holding your company back and restart again so that you are able to perform better.
When an audit is performed to be able to meet the requirements of the external regulator, it is essential that the lead audit partner meets the conditions that the regulator requires. So, if your audit is to comply with the ASIC requirements. Then only a registered company auditor can perform your company’s auditor. You can check the details of your auditor to make sure that they are professionals
If you are hiring an auditor that has experience within the industry you are performing in, then it means that they will be much more efficient in the process and also avoid asking generic questions. It will also allow them to deliver much more relevant and value-added services that translate their analysis into possible concrete actions that your business will be able to take in the future. Continuity of the staff of audit that is working on your organization will also let them be more efficient when auditing year on year
Fluency with technology
If your auditor does not have a solid grip on technology and data analytics to be able to perform the audit, then you are missing out on significant business insights that could help you in the future.
An auditing company shouldn’t ask for so much money that it breaks your bank. Instead, they should ask for the money that is equivalent to the services that they offer.
These are some things that Parker Russell International is easily able to check off on the auditor requirement list. It is also because of this, the international organization for tax, audit, and advisory was sought out by 1Malaysia Department Bhd in 2009. The reason for this is that their associations with the local and regional accounting firms of different countries have allowed them to strengthen and broaden the list of services to its members and clients.