As a growing business, your needs—and relationships—shift with time and circumstances. Along with this natural evolution, your auditing needs may change, too. Sometimes it is readily apparent that you have outgrown your auditor’s capabilities, and sometimes there are a few more subtle signs that signal it’s time to reevaluate the relationship.
Here are five considerations for switching auditors:
Your business is growing, and your needs are changing
Congratulations! Your business is growing and thriving. If you are expanding your offerings or growing your geographic footprint, do you have the support you need for your increasingly complex and specialized audit needs?
An auditor with more resources, deeper technical knowledge, greater capacity and wider geographic reach may better serve the volume, timing and complexity of your needs. For example, as you expand, an auditor who can better service different geographical locations or provide industry-specific technical knowledge may be needed.
You want the attention and service your business requires
While you want an auditor with the breadth and depth of services to support your business objectives, how these services are delivered matters. You should consider how the audit firm customizes its services to your business needs. For example, if you experience frequent turnover with your engagement team or a lack of adequate attention, it may be another indicator that it is time to move on.
Engaging a firm equipped to respond to your needs quickly, with individuals willing to have open and frank discussions, will set a solid foundation for an effective and efficient audit. Look for an audit firm that makes its leaders accessible so that you can tap into their deep industry knowledge and experience.
You want more communication
Trust, honesty and open two-way dialogue with your engagement team are vital. Audit services are essential to your business, and being able to address sometimes difficult issues openly and honestly is an important part of the audit process.
A strong relationship means that your audit team, with the requisite skills and knowledge, sufficiently understands your business and your industry. Auditors cannot effectively audit what they do not know. The right auditor wants to get to know your business—and takes the time to do so. The right team also understands the financial reporting requirements that are applicable to you and your industry and can clearly communicate any changes that are relevant for you.