When you have an audit engagement slowly approaching, it’s easy to assume that the audit only depends on having your audited financial statements in order. However, a successful audit requires more than just paperwork—it needs clear communication between you and your audit team. In fact, top accounting firms set themselves apart with processes that create clear communication from start to finish.
Good communication is a two-way street and involves both your CPA auditors and your internal team to share information effectively. This article will lay the groundwork for why top accounting firms leverage streamlined communications and what you can do to better collaborate in the audit process.
The Importance of Clear Communication in Auditing
Good communication is key to creating trust between the audit team and the client. It’s the backbone of a successful audit. This transparency helps audit professionals meet their responsibilities, outline the audit scope, and deliver all reports correctly and on time.
But what if a client doesn’t reply to an email or doesn’t inform the audit team about a big change in the business?
This can lead to big misunderstandings or delays that might negatively affect the business.
That’s why good communication is essential for everyone involved in the audit process—not only the auditors.
For companies seeking audit services, engaging with top accounting firms that prioritize communications as part of their process can provide peace of mind. It allows for a better understanding of the audit process and ensures that both parties are aligned.
What Communication Method is Best?
Today’s audit teams use many channels to connect with clients. A recent study in Current Issues in Auditing reported that the most popular communication channel for staff auditors is face-to-face (47.66%), followed closely by email (44.53%). But those are not the only ways audit teams reach out to clients. Video calls, in-person meetings, phone calls, emails, or written letters—all play a crucial role in the audit process. And many top accounting firms will use a combination of all of these.
Best Practices for Audit Communication
Pre-engagement communication is a strategy emphasized by top accounting firms. As Batul Abdulali, ACA, Principal at Assurance Dimensions, notes, “Our team should be communicating six weeks before the engagement and touch base with clients two or three more times to ensure preparedness for the engagement and avoiding any major issues during scheduled fieldwork.”
This proactive approach ensures the client and audit team are fully prepared throughout the engagement and minimizes potential roadblocks.
A few best practices for communication during an audit engagement include:
- Establishing a main point of contact for all communications.
- Set expectations related to unresponsive employees or departments.
- Regularly scheduled check-ins to discuss progress and address any concerns or questions.
- Clearly outlining expectations for the client and audit team regarding timelines, deliverables, and updates.
- Providing open lines of communication for clients to reach out with any issues or changes that may occur.
Selecting From Top Accounting Firms
Communication is vital in audit outcomes, especially as remote auditing increases. Top accounting firms prioritize clear and consistent communication channels for private company audits and all audit services, ensuring a smooth and efficient audit process for their clients. But they also expect their clients to be actively involved in the process too.
At Assurance Dimensions, we believe in personalized communication to deliver timely audit services that meet the unique needs of every client we work with. Contact us today to request a free quote.