Service: Audit and Accounting 

Four factors to consider when choosing an Auditor

By Hemen Doshi

16 Feb 2021

Running a business comes with a never-ending to-do list, and one of those to-dos is auditing your business. Auditing through a third party can provide an impartial assessment of your business and tax compliance.

But, finding the right auditor can be tricky, especially if you don’t know where to start. We’ve put together four key factors to consider when looking for an auditor. 

The person

Just like choosing the best candidate for a role, an auditor needs to be a good fit for the job. One thing you can do is conduct your own screening process, just like you would for a prospective employee. Considering factors like qualifications, experience, and regulatory requirements will help you choose the best auditor and go a long way toward creating a more efficient partnership. If the same person provides your business’ audits year after year, they will know what to look out for and understand how your business works.  

The firm 

It’s not just the person conducting the audit you need to look into; it’s also the firm they represent. There are many options out there for companies that offer audit services, but one way to distinguish the good from the best is to look at their experience and expertise in your industry. You can establish this by the number of years an auditing firm has worked with particular clients and use testimonials/references to understand the working relationship. We believe that, as a firm, we offer a huge amount of value for our clients throughout an audit.

The price 

Speaking of value for money, fees are another critical aspect to consider. The rule goes “you get what you pay for”, but at Gerald Edelman, we do things slightly differently. Where some businesses offer a fixed fee, we tailor our auditing fees to each client, meaning we don’t approach your audit as a one size fits all. With us, you not only get an experienced auditor offering expert advice, but you also receive a focused service aimed at building a lasting partnership between your business and ours. 

The approach 

Lastly, with a good auditor, you will not only get a skilled individual from a reputable firm, at a fair cost. You will also receive expert advice from a data-based analysis of your business. Auditors who conduct a statistical analysis of your business will produce a more comprehensive inspection of records across your entire company. Therefore, the feedback you receive from your auditor will concentrate on the proactive measures you can take to ensure your business is in a strong position now, and in the future. 

Do your own research

Finding the right auditor can seem like a daunting process. But taking the time to carry out your research thoroughly can have positive long-term implications for you and your business. External auditors can be an asset and help your business grow. It’s important to get this right - so we recommend thoroughly auditing any potential auditors. 

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