Managing your own auditing services is not always the most cost-effective option for maintaining high quality financial services for your clients. More and more financial professionals are now choosing to give themselves a helping hand by seeking support for their audit engagements.
The need for continuous education to keep the firm and staff knowledge up to date and compliant with technical changes, e.g. changes to auditing standards, accounting standards, and other pronouncements, can be quite onerous. Compliance with Auditing Standard ASQM1 ‘Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements’ is a good example. This can put strain on even the most diligent of firms’ time and resources. Considering the risk exposure, and cost of continually keeping up to date with regulation change, it may be worth leveraging the expertise of a third-party auditor.
National Audits Group is an independent auditing firm. We are a specialised and experienced provider of assurance services including external audits, SMSF audits, and internal audits which also expands to risk management and advisory services provided to Local Government Authorities. National Audits Group can assist in empowering accounting firms like yours to stay on the path to success, by unburdening your workload.
Here are the key reasons why more and more financial professionals are working with third-party auditors, like the team at National Audits Group.
Benefits of leveraging auditing experts
Reducing your risk exposure
Changes to legislation and regulations can occur at a rate some firms may not be able to keep up with. In an environment where trust and independence are fundamental, engaging with a third-party to communicate and provide high quality auditing services could be invaluable for your success.
One of the most significant benefits of leveraging the expertise of auditors is being able to reduce your risk exposure and ensure high professional standards. Misunderstanding legislative changes or not adopting new technologies aimed at increasing efficiency, can have detrimental impacts on your client relationships, as well as your profit margins. Relying on your team members to keep up with regulatory changes and professional developments around auditing standards can be risky, time consuming, and a significant drain on your resources.
For example, the latest guideline changes for SMSF valuation rules saw the responsibility of educating accountants and trustees on what work needs to be done falling on auditors. Finding a credible audit partner who you can trust to communicate these changes, may be a key for your success.
Auditors, like the team and National Audits Group, are renowned for doing their due diligence, particularly in keeping up with legislation and standards, helping ensure our clients’ risk of non-compliance is low. Leveraging the expertise of a third-party auditor for these services may therefore allow you to reduce your risk exposure, remove compliance risks and help you maintain the highest level of services for your clients.
Keeping your team focused
It’s no secret that the time and money spent on keeping up with the latest changes to auditing regulations, as well as the work itself, can be significant. Auditors must be diligent about keeping abreast of regulatory changes, potential compliance risks and latest technologies. This can be a challenge for accounting firms’ that may not have the time or resources to do so.
By leveraging the expertise of a third-party auditor for these services, you may be able to free up time within the firm and reduce your and your teams’ workloads. A third-party auditor can assist you meet your operational needs, by helping streamline your audit processes.
By reducing the time-consuming task of keeping up to date with regulatory changes and/or following the latest technologies, your team is more able to stay focused on providing high quality accounting services. All while a third-party, like National Audits Group, helps you to better service your clients.
Speaking of streamlining, another significant benefit to engaging with a third-party auditor is they may offer other non-assurance services. This can include assistance with the arrangement of annual audits, and other time-consuming tasks.
Effective auditing services generally require experience far beyond the traditional skill set. A third-party auditor may be able to draw on the knowledge and experience of their team and clients to create opportunities to improve your business operations in key risk areas, like:
- internal controls
- financial reporting and financial statements
- information systems
- data security
- regulatory compliance
- fraud and business processes, and more.
Why else are auditing firms seeking the expertise of auditors? An independent viewpoint can offer a fresh perspective on the governance and processes of your company, shedding light on problems that may not be visible within your organisation.
At National Audits Group, we can identify your strengths, and communicate cost-effective recommendations. Regardless of the operations, size, or location of your firm, engaging with a third-party can always offer a fresh perspective for any company.
Leveraging the expertise of National Audits Group
Partnering with a team like National Audits Group allows you to access the expertise of over 60 years of collective hands-on experience, working within all areas of auditing, including: operations, strategy, reporting, and management.
We understand that keeping on top of regulatory changes impacting on auditing services, and reducing risk exposure, can consume considerable time and resources of every employee in your firm. Leveraging the knowledge and skills of an independent auditor ensures the highest quality of work, and assessment will continue to occur across the company.
Our blend of specialist experience and audit expertise with innovative processes puts us in a unique position to cater to your specific needs. No matter the scope of your auditing work, we’re committed to providing strong audit quality and innovative audit services at a competitive price.
For more information on how the team at National Audits Group could work alongside your accounting firm, please don’t hesitate to reach out to us today.
Stephen Prowse FCA, RCA
National Audits Group
T 1300 734 707 M 0437 209 885