The audit is a complex process of evaluating the financial record of the company. It means verifying whether the company’s record is recorded as per the accounting standards and principles. If a company doesn’t hire an audit firm then the government conduct audit. Many top audit firms in India helps business and companies in auditing their financial records. These are specialized people who can evaluate the program and check whether it meets the standards and requirements.
Hence, it is necessary to choose the best audit firm that can handle all this work. What are the factors you should consider while choosing an audit firm?
- Experience: Auditing of company is not easy. It is a complex procedure of evaluation. An audit firm that has experience in your business field will have much understanding and will boost the speed of the audit. Make sure that an audit firm that you are selecting has experience from different array so that they can best fit your business and reduce unnecessary complications.
- Check for gap analysis: If you do not have an information security expert then you will need to complete a gap analysis as a part of the audit process. Many audit firms in India provide this facility to their clients to give them a clear picture. If an experienced auditor is working with your business then you can rectify the gap and the time that may be wasted with multiple audits without experience.
- Verify accreditation: It is important to check whether the security certification you have selected to pursue matches with the credential auditor has. You may decide to work with an audit firm that is not accredited in any of the frameworks you set. But the thing is that whether the firm can align with the goal of the organization. For example, if you are interested in ISO certification and the audit firm is not yet accredited but started ISO practice then it’s your choice. If you are comfortable with it or do you want to go with a more experienced firm
- Discuss timelines: Before choosing any audit firm discuss the timeline between the completion of the audit and the delivery of the final report. Try to get their audit process, tools they will be using, timeframe they will be taking.
- Evaluate their reputation: Check the reputation of the audit firm by asking for testimonials. You may directly reach out to previous clients to get a true idea of their reputation. Check if the firm is associated with anything that may cause concern in the future such as fraud.
Conclusion
Audit firms should be selected wisely because they are going to evaluate the financial record. Try to get a sense of their personality. Make sure that your personalities meet because you are not choosing an auditor based on qualification on paper but choosing a person with whom you will be working next year. Many chartered accountants in India are well-experienced and can help businesses and organizations in auditing.