How do you choose a firm for auditing? That might sound like a dry subject, but it can also be a very serious one. Just think about all the information and news stories you’ve heard over the last ten years or so. Some of them haven’t been so good and some of them even led to catastrophic impacts on our nation’s economy. So, it’s very important to be sure that you are choosing an auditing firm using some type of specific, efficient, and exact criteria so you have a baseline across which to compare everyone. By using a baseline you won’t have to worry that you are comparing apples to oranges. Remember apples to apples is the only way to make sure you are being fair and giving yourself the best deal in the long run. |
There are several basic how tos when it comes to searching for something as important as an auditing firm. These might include:
• Allow plenty of time – Start sooner rather than later, if you know you need services offered by auditing firms. You don’t want to be in too much of a hurry and not thoroughly evaluate the firm you hire. You also don’t want to find the right firm only to be told they are too full up or too busy to take you on at the time that you need them. This is definitely one of those times when the early bird will get the juiciest worms.
• Choose a reputable, good firm – This is not the time to select your best friend from high school or even your brother-in-law, if they are not the best one for the job. Remember, your financial integrity is on the line and that is what the most important thing is. So now you know to make sure you start early enough in your search for a great company. But, how do you know they are a great company and why is it so important? The reason it is so critical to have an extremely good reputation is that you don’t want someone doing a ramrod job. If your financial experts fail you, it could cause you trouble with taxes, banks, the Exchange commission, other companies with whom you do business, etc. The wrong choice in this area could actually even cost you your business in certain circumstances. So…don’t’ leave this to chance.
Find out who they’ve done business with and ask. Inquire with other companies, banks, and individuals with whom the firm in question has done business. If there are any questions regarding their expertise or integrity, continue to look elsewhere.
Another step you can take is to investigate their website, their employees, and their credentials. This will give you a good idea of their scope of practice and how particular they are about who works for them. Remember, the employees working for them are likely to be involved and / or have access to your financial information and highly sensitive data. You want them to be highly credentialed and on the up and up.
Depending on the size of your company and the depth of what your company needs, you may want to also know how many of the employees are certified (CPAs). This indicates a higher level of expertise that may or may not matter depending on your own circumstances. Whatever you do, check well. Don’t entrust your financial information to any company that you have not researched thoroughly or about whom you have wavering doubt. Your financial health could be at stake.
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