5 things to look for in an internal audit firm

5 things to look for in an internal audit firm

Experience: Your auditor should have experience in your field. Through references, they should be able to demonstrate their experience auditing similar organizations to yours. Accounting is a dynamic field. Ask potential auditors how they stay up to date with new regulations, and what their continuing education requirements are. The best auditing firms will also have employees with longer tenure. This will help their employees to specialize in your field, while also maintaining relationships and with regulators.

Quality Control: A great internal audit firm will regularly perform quality control audits. During this review, an independent group will check internal audit deliverables and ensure accuracy. Ask about the firm’s quality control process, and ask for specific numbers.

Strong Communications: Strong communication is crucial to the success of a relationship between the auditor and auditee. You should be able to communicate freely with a potential auditor when you meet with them. Ensure that you understand the answers they provide. Accountants are often overly technical. It is important that your auditor explains things in a manner that you and others in your organization can easily understand. Additionally, if an auditor’s proposal document is overly complex or hard to read, this may be a bad omen for future communications and deliverables.

Reputation: An important consideration during the selection process is the audit firm’s reputation. Request references and speak to them. If they do not provide three or four relevant references, they may not be the right choice for you.

Pricing: While selecting an auditor should not be based solely on the cost, it is an important aspect. At least two bids should be received to determine if all offers are competitive. Additionally, internal audit firms are sometimes willing to offer multi-year engagements at comparable or slightly reduced rates compared to one-year engagements. If a firm is willing to do this, you may be able to secure a great deal for your organization.

Additionally, a great professional audit firm should do the following:

  • Should be able to follow your company’s professional standards of work
  • Should be able to retain your company’s processes and requirements, thereby eliminating the need for repeat orientations or backtracking for future engagements
  • Must understand your company’s structure and policies and work within them
  • Should be able to offer advisory insights to the auditing committee and top leadership
  • Follows all compliance regulations and offers relevant updates on the same.
  • Must be able to maintain good standing with relevant professional organizations.
  • Must be able to offer relevant insights into internal auditing best practices
  • Should be able to help your organization streamline all auditing processes and improve functionality
  • Should be able to impart auditing tips and advice to your in-house auditing staff( if you have any) through scheduled training

How Accume Partners Can Help With Your Internal Audits

Whether your company is experiencing staff shortage and need to outsource or co-source your internal audit functions, our professional and dedicated team at Accume Partners is here, ready and eager to help out. We offer the necessary expertise and professionalism to conduct highly effective and efficient internal audit services to boost your business processes, mitigate risks and maintain compliance requirements. Simply put, Accume Partners can help your company by:

  • Offering expert services at competitive rates to help your company cut costs
  • Providing expert internal auditing functions with a critical focus on cybersecurity and IT
  • Providing flexible services with a focus on your organizational needs
  • Providing professional guidance on emerging technology trends and potential threats.

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