It’s safe to say the 2020 COVID pandemic brought more changes for businesses than anyone expected. For companies looking for efficient financial statement audits, this transformation included the increased popularity of an AICPA remote audit as an accounting service.
Surveys show that firms that 61% of accounting firms that have embraced remote audits plan to conduct more than half of their work remotely in the future. With new and secure technology, remote audits can be a great option. In this post, we’ll cover three top reasons you might consider opting for an AICPA remote audit or hybrid audit.
Why Should You Opt for an AICPA Remote Audit?
An audit can be time-intensive. First, your team needs to prepare your financial statements, ensure your numbers are correct, and gather supporting documentation. Then, with an in-person audit, you might need to clear out a conference room to give your auditing team space to work so they don’t need to carry essential documents from your office to theirs.
In the past, this could derail business operations for a few days. Plus, you could incur travel time charges and out-of-pocket charges.
Although virtual audits take time to review, they are often more streamlined, keeping your business operating smoothly. Here are three reasons you should consider an AICPA remote audit for private company audits.
1. Enhanced Efficiency and Flexibility
You and your audit partner must also plan a timeframe that works well for an in-person audit. Scheduling one can be a nightmare, especially if it falls during a busy period for your company.
Remote auditing offers flexibility for both you and your auditor. Remote technology allows you and your team to work separately, eliminating workflow and process disruptions.
2. Cost-Effectiveness
Most auditors account for travel time and as part of quoting this project. If your auditing partner needs to stay in a hotel close to your office, you may see hotel fees reflected in your invoice. Because virtual audits cut down on travel costs, they can reduce the overall cost of your audit if that is part of your audit fee.
With remote auditing, your audit team can stay in their office, which makes working with experienced, reputable auditing firms more accessible and affordable.
3. Security and Compliance
Auditing firms that offer virtual audit services invest in specialized AICPA-compliant, cloud-based audit software and tools.
This software enables you and your audit partner to transfer files easily electronically. However, easy file transfer isn’t the only perk of this software. It’s also encrypted, offering valuable data protection to ensure compliance with AICPA standards.
Why Choose Assurance Dimensions for an AICPA Remote Audit?
Although an in-person audit has many perks, a remote audit is cost-effective. It also increases efficiency for you, your team, and your audit partner.
At Assurance Dimensions, we pride ourselves on offering remote assurance and accounting services that maintain AICPA standards. Our state-of-the-art remote technology helps our team conduct efficient and secure audits when it’s most convenient for you.
Contact us today to learn more about our on-site and remote audit and assurance services.