Private company audits are required for various reasons, like improving operations and meeting legal and financial responsibilities. The American Institute of Certified Public Accountants (AICPA) oversees these audits and establishes important standards through its Auditing Standards Board (ASB). Their guidance on choosing the right audit firm, such as Assurance Dimensions, is the initial step in helping your company find the best audit partner.
In this article, we’ll discuss what you should look for when selecting a CPA firm to work with.
How to Select the Best Audit Firm
It’s not always clear what you should be looking for in a trusted audit partner. Before selecting an audit firm, here are some essential qualities you should consider.
Qualifications
Qualifications and credentials guarantee that your audit partner is competent and adheres to ethical standards and compliance with regulatory oversight. Certifications include a Certified Public Accountant (CPA) licensure, a Chartered Accountant (CA), or AICPA membership. These accreditations demonstrate a person’s expertise and commitment to follow and maintain the highest professional standards.
Industry experience
If you want a comprehensive audit process, it’s best to select an audit firm with relevant experience in your industry. Industry-specific knowledge and expertise help auditors understand a particular industry’s unique challenges, regulations, and nuances. When your audit partner has experience in your industry, you can trust that they’ll be able to effectively navigate any complexities and offer a reliable audit.
Use of technology
Technology has changed the audit process. The latest technology and tools can help make your engagement quicker, more efficient, and more convenient. For example, advancements like virtual conferences and secure cloud-based storage have made remote audits a common practice amongst many accounting firms. Remote audits, also called virtual audits, allow audit teams to securely access and exchange data, examine documentation and procedures, conduct interviews, and make observations with clients across the globe. This technology-driven approach allows audit professionals to efficiently collaborate and perform audit procedures, saving time and resources while maintaining a high level of professionalism and accuracy.
A Commitment to Client Success
Your company’s financial standing relies on accurate audit reporting, directly affecting your relationships with regulatory bodies, lenders, creditors, and investors. Work with an audit firm that values your success and has a proven track record of delivering top-notch accounting services. Prioritize accounting firms that can showcase their experience and success when working with clients.
Why Select Assurance Dimensions As Your Audit Firm
At Assurance Dimensions, our mission is to provide our clients with unparalleled service, quality, and expertise to help them make informed financial decisions in the present and future. Our team is made up of experienced CPA auditors and accounting professionals, and we are licensed to practice in 40 states and Canada.
We focus on our client’s unique needs through open communication, sound research, and cost-effective pricing to provide a personalized business strategy. Contact us today for more information about our private company audits.
