More than simply a statutory obligation, an audit is an opportunity to have an independent expert scrutinise your financial reporting processes and internal systems, providing valuable feedback to enhance your business.
The best feedback an auditor can receive is when a client says they “feel that they’ve been audited”. If you feel like that, it’s a good sign your auditors are challenging and interrogating your figures so they can give you the best advice.
If you don’t feel like you’ve been audited, it might be time to consider a change.
A new auditor brings a fresh pair of eyes and a different perspective to your business. With no assumed knowledge, they ask the relevant questions that encourage you to take a step back and think in a new light.
Audit has changed significantly in recent years, with increased scrutiny and regulation across the sector, as well as changes within audit firms themselves. You might feel that this focus on audit quality and the pressure on firms has resulted in a decline in client service. It doesn’t need to be that way.
Whilst audit quality and independence are paramount, they can still be achieved while delivering first-rate client service. The key is communication and availability. Having direct access to your audit director and manager means we are always on hand to answer questions, whether during the audit cycle or at any time throughout the year.
Is it difficult to change auditors?
Put simply, no. Your new auditors will handle professional clearance procedures with your previous firm. All that will be requested of you is to complete standard anti-money laundering checks.
Inevitably, the first year a new auditor undertakes your audit will take longer. We see that first year as an investment in our relationship. We spend time getting to know you, your needs, and your systems. Although we will require more of your time initially, this provides a strong foundation to ask the right questions and offer the best advice going forward.
How do I change auditors?
The first step is to establish your requirements. Be certain about what you want from your auditors beyond the audit cycle. Do you need a collaborative relationship, an expert on hand throughout the year, shared values, or a complete service offering?
Next, research potential audit firms to ensure they can deliver what you need. Ask your preferred firms to provide a fee proposal. To make this accurate, we recommend meeting them in person so they can fully understand your business.
The right firm and fees are important, but so are the people you will be working with. Meeting with potential firms helps you gauge the service you can expect and assess whether they are the right fit.
Can they give you the confidence to grow and shape your future?
How SMH Group can help
Our mission is simple yet powerful: to give everyone we work with the confidence to grow and shape their future.
Driven by our core behaviours, caring and doing the right thing, being client centric, and acting as one firm, we combine the personal touch of a local adviser with the expertise and reach of a national group.
Clients can access a complete service offering that includes Accountants, Auditors & Business Advisors, Financial Services, Wills & Probate, Commercial Finance, Residential Mortgages, and Corporate Finance. We leave no stone unturned in supporting our clients’ ambitions, simplifying their journeys, and uncovering opportunities they didn’t know they had.
To find out more about our audit services and how we can support your business, contact the SMH Audit & Assurance team on 01142 664 432 or email info@smh.group.
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