Given how messy finances can be it pays to have a quality audit every once in a while. It’s understandable of course to face difficulties with organizing your financial records— what’s important is how you deal with them. Thus, it is vital that any audit you undergo is kept to a standard. It’s the only way to really know that the service you’re paying for is worth your time and money.
Why This Is Important
The main reason you want to make sure that your audit is done right is to make sure that the people dependent on your company’s financial statements, shareholders and investors alike, will feel more confident if they know that your records are clean and accurate. After all, if people know they can trust you that makes making deals with them a lot easier for you, right?
The challenge now is that it can be tricky for others to find the perfect auditing firm. With so many new firms popping up it becomes difficult to find a firm that is strict with its practice. For that, you’ll need to know what makes a good firm.
A Proper Vision
The right firm will have the right vision. It might seem like a vague tip now but you’ll know it when you actually get to talk with their management. If you can get an idea of what their goal is, you can have a better understanding of what you stand to gain with them.
It should be noted that not every firm will even be willing to talk to you. Take this as a reflection of their attitude. A professional firm should be open to dialogue with anyone, be it a current client or a potential one.
A Firm With Integrity
When you look for an auditing firm you are putting the firm up against a list of requirements and such for them to pass your standards. This shouldn’t be a one-sided thing. Make sure that whatever auditing firm you check out is checking your background as well.
The reason for this is that you do not want an auditing firm that is willing to work with shady companies. Think about, should they be implicated, all your records will be thrown into question immediately. It’s a show of quality whether they care about your background or not.
Financial histories, relationships, and similar topics should be covered in whatever interview you end up doing. Of course, others might make use of forms but, again, take this as a reflection of their approach. We all know a face-to-face interview would be a lot more effective.
The Right Team
Lastly, we have the team. Take your time talking to all the members of the auditing firm you can. Try to get a feel for what they focus on, what their attitudes about work are like, and how they treat their clients.
The reason you need to do this is to understand what kind of people will be working on your financial records. Of course, you’re going to have to factor in the fact that these are all unique individuals. The point here is to get a feel on how seriously jobs are taken in their team.
At the end of the day, it’s all about being prepared. It’s unsurprising that auditing firms are such a necessary service but it is something that we should take seriously every time we undergo an audit. Take some time to learn what you can about the auditing firms you are interested in before even visiting. What’s important is that the job is done right.
SMB Accounting provides quality services for an SMSF audit in Australia. Aside from that, we also do other types of audits to ensure that you’ll have an idea of how your business or your finances are doing to help you take the best course of action. Contact us today to learn more!