When conducting business, you need an experienced independent audit firm to help create transparency and trust within your company. Your stakeholders and other important influences, like your financial institution, rely on the accuracy and completeness of your private company audits. Without these critical documents, or if they’re incomplete, your stakeholders could pull their support.
In this post, we’ll discuss the benefits of working with an independent audit firm.
What is an Independent Audit Firm?
An independent audit firm is a professional accounting firm or partnership that employs certified accounting professionals. These firms are usually AICPA members who are required to be Peer Reviewed accountants and follow generally accepted auditing standards (GAAS).
Most likely, you have an accountant on your payroll. However, when it’s time to conduct an audit, whether for regulatory purposes or compliance with financial institution requirements, the accountant on your payroll cannot legally or ethically conduct an independent financial statement audit.
An independent audit firm has no ties to your organization, helping to eliminate conflicts of interest and introducing objectivity into your reporting.
Benefits of Working With an Independent Audit Firm
Working with an independent audit firm has three major benefits. Let’s examine each one.
1. Builds Transparency and Creates Trust
Because independent audit firms do not have ties to your organization, this can help create trust and transparency with your stakeholders. According to specific rules and regulations, most companies, nonprofits, and broker-dealer firms are required to work with an independent auditing professional if an audit is necessary.
When you do this, others, like your stakeholders, recognize your commitment to compliance and transparency.
2. Objectivity in Your Reporting
An independent auditor can work objectively with your financial statements and supporting documents. Because they can look at your numbers with fresh eyes, they’re less likely to overlook errors or discrepancies with your reporting.
They will also provide unbiased insights to help ensure your reports are accurate and free of errors or misstatements. You’ll want to work with a meticulous audit team to ensure your company complies fully with regulatory requirements and standards.
3. Expertise
Independent audit firms are typically AICPA Members . This means they align themselves with regulatory standards and follow GAAP to ensure fair and accurate audits. The AICPA requires periodic peer reviews and also offers select specialty designations based on the needs of specific industries.
An experienced auditing firm will also understand the intricacies of financial reporting for private companies. Their expertise can help you navigate any reporting requirements to ensure you comply with regulatory requirements.
Why Choose Assurance Dimensions?
At Assurance Dimensions, we are long-standing AICPA members with many years of experience working with private companies to conduct their audits. We’re well-versed in various reporting requirements and ready to partner with you to ensure your audit is complete and accurate.
We understand our clients’ needs, and that’s why we’re committed to offering competitive pricing without hidden fees. Contact us today to learn more about our auditor services.