Evaluating auditing firms
ARTICLE | August 01, 2022
Authored by RSM US LLP
If you have assessed your business’s needs as they relate to auditing services you probably are zeroing in on choosing your next auditor. Determining whether a firm can deliver on its stated promises is key when selecting an auditor, as is weighing the auditor’s capabilities for providing additional insights. While many firms can tackle the technical aspects of an audit, those that go beyond will help you anticipate what lies around the corner, identify opportunities and mitigate risks. These firms attach great importance to understanding your business.
Here are some key considerations when evaluating an auditor.
Many aspects of the audit process are consistent from one industry to the next. However, there are important differences that may need to be considered when auditing an entity in a particular industry. Auditors with a deep understanding of your industry can provide important insights beyond the audit.
For example, RSM US LLP’s industry knowledge means that our auditors understand the nuanced considerations for the adoption of a particular accounting standard by companies in your industry. Additionally, our deep industry experience allows us to customize our audit procedures to ensure an effective and efficient audit, reducing the distraction for your teams.
Attentiveness throughout the year
When it comes to audits, early planning and preliminary fieldwork are crucial in addressing issues in a timely manner, avoiding surprises and meeting deadlines. Throughout the audit process, your auditor should focus on ongoing and straightforward communication with management and provide a high level of involvement by team leadership. Your audit firm should continue to deliver information on professional developments that are relevant to your business throughout the year, not only while the audit is being performed.
Personal attention with scale
As a growing company, the issues and concerns you face today may not be the same ones that are important in a few years. You may be considering acquisitions, moving into international markets or expanding your geographical footprint. Your auditor must be able to keep up with the added complexity that accompanies these changes.
An audit firm with a global footprint and extensive professional capacity will be able to bring the technical knowledge required to serve your growing needs and anticipate the next steps. A firm that has worked with businesses of comparable size and in similar industries to yours already is prepared to address your growing needs. At the same time, a firm that also prizes personal attention will be tuned in to what is happening in your business and can make insightful recommendations tailored specifically to you. You should have the best of both worlds.
Human insights powered by technology
All businesses are engaged in digital transformation—and for good reason! Automation can help drive efficiency, as well as reduce costs and errors. To compete in today’s business environment, auditors must make a similar commitment to innovation to serve their clients.
RSM’s innovative audit approach consists of three pillars: intelligent automation, data analytics and the digital audit experience. By bringing together all these capabilities, our auditors can deliver audit solutions that are tailored for your business needs, minimize disruption and reveal new insights.
Technology on its own only goes so far. When you work with RSM, you also interact with our experienced auditors who leverage industry knowledge with our innovative tools to deliver clear insights based on our understanding of your business. We deliver human insights powered by technology.
The right chemistry
While industry knowledge, technological innovation and auditing know-how should be at the forefront when you are evaluating auditing firms, it is also important to pay attention to the conversations you have with an auditor. Is the auditor asking thoughtful questions about your business and how it operates? Does the auditor seem genuinely interested in learning what is important in your business? By understanding your business inside and out and having consistent, open dialogue, your auditor can provide the powerful insights you need to make astute decisions.
There is much at stake when evaluating audit firms. You are looking for a firm that not only will deliver timely and effective audit services but also will be a trusted source of relevant financial reporting insights throughout the different phases of your business’s growth.
RSM’s decades of experience working with middle market companies in multiple industries gives us the breadth of experience to provide company-specific insights with our audit services. RSM values truly understanding our clients by providing focused attention throughout the year. Our digital innovation helps to make audits efficient.
RSM’s audits bring together deep experience, true understanding and relevant insights.
Contact us at one of our locations or fill out the form below and we'll contact you to discuss your specific situation.
This article was written by RSM US LLP and originally appeared on 2022-08-01.
2022 RSM US LLP. All rights reserved.
RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.
Johnson & Sheldon, PLLC is a proud member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.