Choosing a contractor for your business is always a serious matter that you need to study as consciously as possible. The choice of a contractor who works with financial documents and financial statements is directly related to the issues of confidentiality and business security.
Audit activities are exclusive and regulated by a particular Law (the Law of Ukraine “On Financial Reporting and Audit Activities”). Therefore the first step worth taking is checking whether the company has the right to engage in audit activities. One can do this on the website of the Audit Chamber of Ukraine by making sure that the company is included in the register of auditors of Ukraine.
Examine the company's website and information about it on the Internet, learn the customers of this company, read the reviews. The companies often allow their site visitors to check out the reviews of their clients, but you can also find the company’s page or the page of the head of the company on social networks, and study the cooperation feedback there. It is widely used, in particular, on LinkedIn, where objective information is presented.
Pay attention to the client portfolio of the auditing company: are there any international companies among the clients? Are they well-known, or large? These details also denote the success and quality of the services of an auditing firm.
How long does the company exist on the market? Stability and quality of services play role of an important indicator.
Does the company have a legal partner who could provide support in legal matters ? This approach is fairly perfect because having a competent tax attorney is one of the keys to success.
You should discoverl more about the company's team, which should include certified auditors in order to guarantee quality of services.
Auditing companies should organize the quality control of their activities in accordance with the International Standards on Auditing. The quality control of auditing services can be both internal and external. External quality control of auditing services is carried out by the Audit Chamber of Ukraine and the Organ of Public Supervision for Audit Activities (the latter acts in relation to auditing of enterprises of public interest Information on the results of quality control can be found on the website of the Audit Chamber. The results of such review should be analyzed for the presence of violations and their severity, because some of them may lead to the suspension of the auditing company, and then the audit report of this company is considered invalid. In such a case, the client faces a loss of time, money, and other risks.
Besides, you can pay attention if the auditing company belongs to international organizations and associations. Usually, they have quite demanding requirements for the quality of auditing services, and this encourages members to adhere to strict rules in their work all the time.
The availability of a certificate of professional responsibility insurance may serve as an additional marker. This insurance requirements established by law in case of a mandatory audits, and in all other cases, it is voluntary and provides additional guarantee for the auditing company. If the auditor makes an unintended mistake, the responsibility for it inevitably falls on the company being inspected, and then the insurance company covers the required amount. Given that, it is worth focusing on the amount of the insurance coverage, because the company with turnover of millions needs an appropriate insurance amount to feel safe.
Cheap services are not always of high quality, but high-quality services of experienced contractors are never cheap.
There is another issue worth paying attention to. It is referred to the existence of legislative requirements for auditors to plan sufficient time and budget for the qualitative provision of auditing services. Such a budget should include both direct work with the client and the amount of work that auditors spend on generating work files and conducting quality control. Therefore, if a surprisingly low price-list catches your attention, we advise you to ask additional questions as to
the auditors guarantees of keeping the deadlines and providing the quality of their services.
It is important to make good planning with your decision so the auditing firm has enough time to perform the service. When the choice is made, be sure to arrange a meeting with the auditor. The opportunity to engage in the atmosphere of the company and personally meet the team and the director is the best final touch for making the 100% right choice.
We wish you the best of with your choice!
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