Insights and Resources
Evaluating auditing firms
ARTICLE | August 01, 2022
Authored by RSM US LLP
If you have assessed your business’s needs as they relate to auditing services you probably are zeroing in on choosing your next auditor. Determining whether a firm can deliver on its stated promises is key when selecting an auditor, as is weighing the auditor’s capabilities for providing additional insights. While many firms can tackle the technical aspects of an audit, those that go beyond will help you anticipate what lies around the corner, identify opportunities and mitigate risks. These firms attach great importance to understanding your business.
Here are some key considerations when evaluating an auditor.
Many aspects of the audit process are consistent from one industry to the next. However, there are important differences that may need to be considered when auditing an entity in a particular industry. Auditors with a deep understanding of your industry can provide important insights beyond the audit.
For example, RSM US LLP’s industry knowledge means that our auditors understand the nuanced considerations for the adoption of a particular accounting standard by companies in your industry. Additionally, our deep industry experience allows us to customize our audit procedures to ensure an effective and efficient audit, reducing the distraction for your teams.
Attentiveness throughout the year
When it comes to audits, early planning and preliminary fieldwork are crucial in addressing issues in a timely manner, avoiding surprises and meeting deadlines. Throughout the audit process, your auditor should focus on ongoing and straightforward communication with management and provide a high level of involvement by team leadership. Your audit firm should continue to deliver information on professional developments that are relevant to your business throughout the year, not only while the audit is being performed.
Personal attention with scale
As a growing company, the issues and concerns you face today may not be the same ones that are important in a few years. You may be considering acquisitions, moving into international markets or expanding your geographical footprint. Your auditor must be able to keep up with the added complexity that accompanies these changes.
An audit firm with a global footprint and extensive professional capacity will be able to bring the technical knowledge required to serve your growing needs and anticipate the next steps. A firm that has worked with businesses of comparable size and in similar industries to yours already is prepared to address your growing needs. At the same time, a firm that also prizes personal attention will be tuned in to what is happening in your business and can make insightful recommendations tailored specifically to you. You should have the best of both worlds.
Human insights powered by technology
All businesses are engaged in digital transformation—and for good reason! Automation can help drive efficiency, as well as reduce costs and errors. To compete in today’s business environment, auditors must make a similar commitment to innovation to serve their clients.
RSM’s innovative audit approach consists of three pillars: intelligent automation, data analytics and the digital audit experience. By bringing together all these capabilities, our auditors can deliver audit solutions that are tailored for your business needs, minimize disruption and reveal new insights.
Technology on its own only goes so far. When you work with RSM, you also interact with our experienced auditors who leverage industry knowledge with our innovative tools to deliver clear insights based on our understanding of your business. We deliver human insights powered by technology.
The right chemistry
While industry knowledge, technological innovation and auditing know-how should be at the forefront when you are evaluating auditing firms, it is also important to pay attention to the conversations you have with an auditor. Is the auditor asking thoughtful questions about your business and how it operates? Does the auditor seem genuinely interested in learning what is important in your business? By understanding your business inside and out and having consistent, open dialogue, your auditor can provide the powerful insights you need to make astute decisions.
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This article was written by RSM US LLP and originally appeared on 2022-08-01.
2022 RSM US LLP. All rights reserved.
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