A financial audit is similar to an annual health check-up. They may not be something to look forward to, but in the long run, they are good for the health of your organisation. The overall health and longevity of your organisation can be greatly enhanced if you partner with the right auditor. The team of auditors that you choose should not only be experienced and skilled but must be easy to communicate with, should not be judgemental and should help you make important decisions with respect to your organisation. One should not hire someone willing to cover up the dirt for them, but someone is willing to scrape the layers of dirt on your financials to pin-point the minutest of mistakes.
While hiring one of the best audit firms in India may be the obvious solution to this, how do you choose from the top contenders? Here are a few tips that will help you choose the best audit firm in India for your organisation.
Tips to hire the best audit firm in India
Research the options
Look into the available options considering the size of your company. Choose an audit firm according to the size of your organisation. For example, small businesses or start-ups should go for a small or medium-sized audit firm. The audit fee is affordable and the firms can give personal attention to the needs of such growing organisations. On the other hand, larger companies can benefit from the resources and experience of the bigger audit firms.
Meet the auditors before making a choice
During the audit, or even after the audit is complete, you may have to visit your auditor often for queries or discussions. Though it is possible to communicate through the phone or email, certain important discussions need to happen in person. It is therefore important that you choose a local firm as the auditor. Also, it is better to meet the team before finalising the decision to gauge their expertise and communication skills.
Experience and skill
Partnering with an audit firm with years of experience is always beneficial. It would be even better if the firm has been dealing with clients in your field of work. Do not hesitate in asking questions about their experience. You can even ask for proof of experience for your satisfaction. Try to gauge their understanding of your field and how things run in your organisation. Three things are essential in an auditor- experience, expertise and knowledge. Choose an auditor who satisfies all these criteria concerning your organisation.
Payment and costs
Ask the auditor about their fees. It is not always possible to quote the exact price before the audit process completes, however, you can ask them for a rough estimate. Check if there are any other costs that you would have to bear such as travel and accommodation. Check if their pricing fits your budget and choose the audit firm accordingly.
Past records for audit negligence
You should take care that there are no instances, litigations or any disciplinary action against the auditor owing to negligence on the part of the auditor concerning any audit assignment. Such details can be found on the portal of the respective professional body wherein the auditor is registered such as ICAI and ICSI.
Communication skills
As mentioned above, communication with the auditor is an important part of the process. Choose an audit firm that is transparent and upfront about the costs and expenses. Also, they must be able to clearly communicate the problems that they find and their solutions. Good communication skills should be treated as a must-have and not as a secondary characteristic.
Summary
An audit is essential to maintain the overall health of an organization. They help keep the organization’s records clean and legitimate. Therefore, a cordial and healthy relationship with your auditors is essential. choose an auditor who understands your dreams for your organization and helps you achieve them. Also, choose someone who will give you the correct legal guidance and would closely monitor the books and keeps them clean. These and the points listed above should help you choose the best audit firm for your organization.
