When choosing an audit firm, you need to put in a lot of care. You want a team that will expose your financials and operations’ dirty details. When things get too thick, and the pressure starts to build, you need a firm that understands how you work. Not only should the audit company you have hired be able to do its work properly, but it should also be reassuring and honest. Here are 5 important questions you should ask a UPS audit before hiring them as your auditors:
Can we meet the auditing team that will be working on the account?
Is it possible to meet the team that will specifically be handling our accounts? Just like you can’t hire staff without meeting them face-to-face, you will also want to meet your auditing team before hiring a firm.
In most cases, the head of an auditing team is a director or a CPA manager. Also, there is an accountant and other staff associates who will be doing fieldwork at your offices, going over records and books and also interacting with your staffs. It’s okay if you meet these people and get to know each other before you sign between the dotted lines.
How often do you communicate?
Auditing today is much more than just about numbers. These professionals also offer wise counsel that can help you cut costs and run your business more efficiently. Great auditors are watchful, aware and alert. They will advise, train and pass along research that improves your financial controls and bookkeeping. This usually comes in the form of annual management letter, as well as through continuous contact and dialogue.
What do you charge and how is it arrived at?
You shouldn’t just choose an auditor based on the fact that they bid the lowest. You also need to know how many hours they will be working, and their rates. Otherwise, they could turn to be the most expensive of the bunch. Higher bids could mean more hours so you must know what you are getting for the quoted price.
Do you have experience working with firms like ours?
The experience of your auditors matters a lot because it usually indicates how efficient a team will be. You want someone with industry the experience in the industry that you are in. if you are a service-based company, for instance, an engineering firm, you want a partner who has considerable experience in this industry.
Conclusion
Hiring the best UPS audit firm takes a lot of effort. Apart from selecting those with the lowest bid, you also want to know if they have enough industry experience, if they will be able to meet strict deadlines, and how many hours they will be working. The above questions will help you to nail the best audit partner that gives you value for your money.