What to evaluate before hiring an auditing company?

December 28, 2021
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Auditing services are of paramount importance to a company’s financial health. After all, mistakes in this area can result in huge losses for the organization.

Therefore, in this post, we are going to talk about items that cannot be overlooked when hiring an auditing company. For this, we will list the five main criteria that cannot be missing from your checklist. Prepared? So follow up!

1. Assess the structure of the audit firm

Since the audit process involves multidisciplinary issues, the technical assistance units are necessary, and they must meet the specific tax, business or consulting and financial assessment requirements. With this in mind, observe the company’s policy in relation to the recycling of its professionals, regarding career plans and remuneration practiced, among other issues.

It is extremely important to assess the structure behind the professional you are trusting to audit your business and, therefore, it is necessary to verify how he is assisted by this structure.

2. Demand professionals with ethical behavior

This question is inherent to the duties of any professional, especially those of an Auditors in UAE. Thus, it is necessary to have a trustworthy person in it, and it is necessary to capture this ethical behavior in the auditor’s posture.

To do this, see if he reveals internal information from other institutions in his speech. Maybe he reveals a posture that leaves something to be desired in this regard, telling something about companies he worked with before. In these circumstances, it is not worth entrusting your information to this type of professional.

3. Look for a good value for money

In addition to the value in the budget given by the company, there is the cost-effectiveness of the contracted audit service. The amount of fees to audit professionals must be reasonable, as for any other service provision.

Here, however, what is at stake is the relationship between the attested quality of the audit service and the price charged by the company. Therefore, low price cannot be the only criterion. In order to define a viable and beneficial solution for the company, the ideal is to do a good field research and check the prices charged.

4. Demand a guarantee of confidentiality of your information

Your company’s information must be kept strictly confidential by the auditors. Of course, this is one of the clauses of the contract and, by the force of law, it is not usually breached. However, take a good look at the figure of the auditor, because you will trust this professional to safeguard a valuable asset of your company: information.

With this in mind, be present and follow the audit process closely  . In this way, your company will gain in efficiency through contact with auditors, having the opportunity to reorganize inefficient work routines and information management.

5. Assess the experience of audit professionals

It is very important to have access to an audit firm’s past work before hiring their services. To do this, check references by contacting companies for which some work has been performed by the auditors in question. That way, ask about the quality of this work and check customer satisfaction.

Did you see how important it is to think carefully when hiring a serious and committed auditing company? Want to know more about standards in this area? Download our Ultimate Auditors in Dubai Standards Guide and understand how they can deliver great results for your business!

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