Whether you are running a family business or a corporation, you are spending a good amount of time with an accountant to ensure the books are recorded accurately. Although it is good to have an accountant keep track of salaries, account payables, and receivables, you cannot expect them to conduct both the internal review and external review of your business.
Therefore, finding the best audit firm in India becomes crucial for your business to avoid any potential taxation and other business-related issues. A professional auditor comes with the relevant knowledge and expertise to provide structured audition and identify problems with the books you might never notice.
The best audit firm in India offers to:
- Stay up-to-date with the ever-changing Internal Revenue Service.
- Offer peace of mind to all owners and investors by effectively putting together financial statements.
- Identifying problems and create efficient ways to balance your business books.
- Prove your credibility to continued fundings from banks and investors.
- Detect any fraud within the organization.
- Help you run your business smoothly by keeping the books of accounts clean.
Here are the best ways to find the right audit firm as per your business needs.
Identification of potential partners
The very first thing you need to do is by starting with people who you already know. Turn to your professional advisors and see if they have an audit firm that they would recommend. Get contact details of potential partners who have a good reputation among people whose opinions you respect.
Conduct Google Search with keywords specific to your industry to find the best audit firm in India. Conducting your thorough research can get you an audit firm based on your needs.
Assess qualification
It is crucial to assess the qualification of audit firms to find the right auditor for your business. Meeting different potential partners and ask questions like:
- How many audits has your firm conducted so far?
- Do your auditors have relevant experience and references?
- What is the collective experience of your auditors?
It is also crucial for a preferred auditing partner to remain current with new standards and regulations. So, you can ask the following questions to learn if auditors have the required certifications:
- How do auditors stay up-to-date with new developments?
- What kind of certifications do your auditors hold?
Further, look for auditors who ask relevant questions and have the patience to listen more. These are signs to help you find a true professional.
Due your diligence
While exploring to find the right audit firm, run your own due diligence to confirm everything that you have been told by the auditor. The following points should help you select the best audit firm in India based on your needs.
- Always check references by calling them directly instead of emails.
- Ask for a copy of the firm’s latest peer review, which is also a third-party audit firm.
- Check if there is an existing conflict of interest between you and them, including among your company’s stakeholders.
Set relevant criteria for evaluation
Set criteria for evaluation after finalizing some audit firms. The suggested criteria to equally apply to each firm are:
- Relevant experience of the audit firm.
- Is it responsive enough to the request for proposal?
- Is there availability of staff with professional qualifications and technical skills?
- References from other clients.
- Costs
Furthermore, ensure that the audit firm has the potential to you in improving operations and security. The right auditor can make you more competitive by enhancing operations and security.
Clarify terms and conditions
Establish clarity in terms and expectations before finalizing your deal with the auditor. You will likely work for days or even weeks on sensitive issues with an auditor. So, you have to ensure that your auditor is punctual and responsive to issues.
Also, there are times when audit firms quote a low fee with unrealistic assumptions and then hit the client with change orders when the work inevitably takes longer. Avoid such events by looking for firms that work on a fixed fee.
Look for an auditor firm as a partner who is:
- Willing to collaborate
- A good communicator
- Able to resolve problems as and when they present themselves.
- Able to speak your industry’s language.
So,
If you manage to find the best audit firm in India, you gain a strategic partner to advise you on the best ways to comply and complete. The right audit firm also ensures that your data is secured and communicates its value to your clients.
