FINANCE
BY DAN GRAVES , AUDIT & ASSURANCE PARTNER , AZETS MAIDSTONE
Choosing your next auditor ?
HAVING THE RIGHT AUDITOR FOR YOUR BUSINESS IS A KEY ELEMENT OF YOUR PROFESSIONAL ADVISORY NETWORK . OVER TIME , YOUR AUDITOR SHOULD GET TO KNOW YOUR BUSINESS INSIDE AND OUT AND THEREFORE HAS THE OPPORTUNITY TO MAKE OBSERVATIONS NOT ONLY ABOUT FINANCIAL PERFORMANCE AND CONTROLS , BUT SHOULD ALSO BE ABLE TO SHARE PRACTICAL EXPERIENCE AND BEST PRACTICE OBSERVATIONS ABOUT YOUR OPERATIONS , PROCESSES AND YOUR PEOPLE – IN THE PROFESSION WE CALL THIS ‘ ADDING VALUE THROUGH THE AUDIT PROCESS ’.
Getting to know you
Auditors are in a unique position ; the statutory requirements of their role requires them to understand a whole cross section of businesses every year and therefore build a wealth of knowledge of best practice over their careers . They constantly get to see what good and poor looks like and how management teams act and react to various scenarios . Whilst the output from a statutory audit may appear to simply be an audit opinion in your accounts , the process to arrive at that opinion is very involved and touches all parts of the business from the factory floor , to IT systems ; therefore the intangible benefits of having a good auditor are immeasurable .
What you want from your auditor may depend on where you are in your business cycle , the size of your business , the experience of your board members and key management team . Some auditors specialise in specific industries or business types whilst others are more generalist . If you view audit as a necessary evil , it ’ s likely that ’ s because you ’ ve not previously experienced an audit that adds any value over and above the mandatory output .
Getting it right
Firstly , in the current regulatory environment , you should look for an audit firm that is fit for purpose for your business . Do they have the size and scale to service your business ? Will they see you as an important client and spend time with you outside of the core statutory audit work and offer some insightful advice ? Do they work with other businesses in your sector , geography or supply chain ? The audit market is experiencing significant supply constraint currently , so a key factor will be whether the firm has sufficient resources to be able to meet your timetable expectations .
Secondly , you should understand the individual who is going to lead the audit for you – the senior statutory auditor . Are they a good fit for you and your business , what relevant experience do they have , what types of businesses have they worked with in the past ? Can they articulate the experiences they have and give examples of how they ’ ve been able to add value alongside the mechanics of the pure audit ?
Azets in Kent
At Azets , we work with a full cross section of businesses , supported by a team of senior statutory auditors , managers and auditor staff locally , as well as a specialist network of over
600 partners and 6,500 staff across UK and Europe . As each business and management team are unique , we believe in putting our best team in place for your specific needs - we hand pick the person with the most relevant sector experience , or best cultural fit to your organisation to lead your audit .
dan . graves @ azets . co . uk 01622 690666
Local offices : Ashford : 01233 629 255 / Canterbury : 01227 454 861 Maidstone : 01622 690 666 / Orpington : 01689 827 505 Sandwich : 01304 249 997
Accounting | Tax | Audit | Advisory | Technology www . azets . co . uk
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