Practical Tips to Choose the Best Audit Firm in India
Auditing plays a crucial role in maintaining fiscal prudence and keeping your books in order. We can define a financial audit as an independent and objective evaluation of a company’s financial records and reporting process. So why is auditing necessary? From determining the adequacy of internal controls to ensuring compliance with the latest regulations and policies, auditing keeps an organization on the right track.
Besides this, auditing also provides valuable insights about an organization to various stakeholders, regulators and other interested parties. Choosing the best audit firms in India will help you save a great deal of time and resources by leveraging the expertise of highly experienced and skilled professionals in this domain. However, it would help if you were very cautious while choosing an audit firm.
Here are some practical tips and important considerations to help you choose the best audit firms in India.
- Industry Experience & Expertise
The first thing that you should be mindful of when hiring an audit firm is its industry experience. Relevant industry experience matters more than anything. It represents the number of years an audit firm has worked with its clients. Experienced audit firms cater to your requirements better as they are accustomed to the mainstream challenges. You can even ask them to provide the past client reference to evaluate their performance. The best audit firms in India usually have years of experience, if not decades.
- Adaptability Quotient
The global Coronavirus pandemic has made us realize that things can change any minute, and we should be able to adapt to changing circumstances. You should always check if the audit firm you are planning to hire can adapt to changing organizational needs. One should opt for the best audit firms in India that offer holistic services, covering all your business needs. It will help you avoid hiring multiple independent auditors for your business. The best audit firms in India encompass a wide range of services, including taxation, business advisory, audit & assurance, transaction advisory, etc.
- Complete Transparency is a Non-negotiable
Complete transparency should be non-negotiable in your list. It is crucial during the audit process, helping avoid any random errors that could have grave consequences. The best audit firms in India will offer you complete transparency in both communication and business processes. You can always keep track of the developments and provide your feedback on the same.
- Assess the Qualifications
The audit firm you are planning to hire should have industry-standard qualifications. The two most critical documents that you should evaluate before hiring an audit firm in India include the External Auditor Certification and the Certified Public Accountant (CPA) licensure. These two are a must-have, and you should refrain from hiring an audit firm that can’t demonstrate the same. Other vital certifications/documents that set a great firm apart from its contemporaries include globally licensed PCI Qualified Security Assessor (QSA) and an ISO Certification Body.
- Excellent Customer Service
Excellent customer service might not feel like an important consideration initially, but it plays a key role when you plan to hire a firm for long-term business needs. Interaction with the firm’s senior partners and individuals working on the requirements is pivotal in assessing how responsive, supportive and friendly they are. Audit firms that do not have quick turnaround time and are not very responsive will not be a good fit for your organization.
- Service Fee
It is advisable to ask for the approximate fees from your auditor based on the services they will be providing. You can evaluate the feasibility based on your budget and business requirements. Always try to negotiate with your prospects to find the best bargain. It is best to be mindful of any additional charges you will have to bear, such as travel & accommodation cost for a visit. Moreover, it is vital to choose a firm that fits your budget; however, you should not solely select an audit firm because they are charging a lower amount if you are not satisfied with the services.
In a Nutshell
These were some of the most vital considerations that you should be mindful of before hiring the best audit firm in India. It is best to carry out in-depth research on your prospects before hiring one for your organization. Businesses should assess the options after considering factors such as the size of an organization, budget, services needed, etc.