Things to consider before hiring an auditing firm?

BySunil

Auditors being independent professionals and masters of their field, as a lay man one cannot understand the financial statements of the entity with utmost accuracy as it can be done by them.  Financial statements of a company are such results that one should hand-over to a person in whom one dispenses complete faith. One should consider the following points before engaging with the audit services agency in Pune:-

  •  Strong sense of goodwill: Selection of an auditing firm in Pune is a very significant decision for any organization as it involves the audit of the accounts of the company and based on that a room for improvement of the fiscal management of the company shall be done. Engagement with an experienced and reputed firm is extremely important as they will provide better view of the accounts and they shall have a better sense of recommendation for the success of the organization.
  • A little room regarding deliberation of fees: Engagement with a professional that will be responsible for audit of the company is an important decsion. One should strike a balance between the amount to be paid and the quality of service. If the amount of payment made for the service is not as per market standards, then one should look around and choose an auditing firm that offers negotiable pricing, top most value; preferably fixed but one should not compromise with the grade of service as it might lead to attraction of hefty penalty.
  • Experience of the firm: One should choose an auditing firm that shall be skillful enough to serve the area of business of the company. The statutory obligations vary from one industry to another, so one should consider this factor before hiring a firm.
  • The quality of service provided to the customer: One should get to know the hierarchy of the firm form top level to bottom level and speak to the seniors of the firm. Introduction to the members of the staff who will be handling the operations of the company. One should avoid engaging the firm that will delay the urgency of the work or is unavailable in the time of need.
  • Formulation of audit committee to zero-down upon an audit firm: This is considerably required in large organizations which involve formulation of an audit committee to engage with a practising audit firm to handle the financial operations of the organization. They shall have suitable standards for the evaluation of various grounds before deciding upon the firm that shall conduct the audit of the company.

So, the above mentioned points help us in understanding that the review of accounts and certifications don’t have to be an area of stress. Efficiently selecting assurance firm in Pune that provides numerable services and understands your business activity, the company, nature of assessment can help us with the dependency on the firm for certification of documents and assessments every financial year, along with a degree amount of trust and value.