New rules that are being proposed by the Public Company Accounting Oversight Board will likely result in a major overhaul of company audits. The board wants accounting firms to start including a potentially large amount of new information in the audit report that is attached to a company’s annual report.
It is said that their proposal is one of the most ambitious to date. The board was set up a decade ago in light of accounting scandals at large companies which revealed serious shortcomings at auditing firms.
As part of the proposal, it would require auditors to communicate details of the difficult parts of the audit, with many situations, especially with large corporations, where the auditor may find the task quite nettlesome.
Requiring this extra information may draw opposition from some auditors due to the added expenses. Some believe it provides a better opportunity to communicate more information, with auditors and audit firms providing greater value for investors and users of financial statements.
This also means that the public and investors will have better insight as to exactly what is going on inside of a company. The proposed changes would certainly mean a bit more work for auditors; companies may look at things a little bit differently before making certain financial decisions as well.
Having a qualified auditing firm on your side may be more important than ever. To find the best for your business, it’s essential to pinpoint your exact needs to eliminate those you don’t want to work with. For example, do you need a firm that can provide a specific type of service or that provides a more comprehensive package of services? Consider your particular budget and whether or not the firm has industry experience.
Don’t seek an auditing firm out of the yellow pages. You might consider contacting other businesses within your industry or professional organizations such as the American Institute of Public Accountants to see who they might recommend. You’ll then need to put together a list of potential firms and contact each to find out their fees and services.
The quickest route to finding a qualified, reputable auditing firm is to contact the consultants at GoodAccountants.com you can locate the one that is right for you with no financial cost or obligation.
The U.S. is home to over a million auditors and accountants; how do you begin weeding through them all to determine which auditing firm is right for you and your business? While it can seem like a rather challenging task, by following these steps you’ll increase the odds of being able to find an auditing firm and create a long lasting, successful relationship.
What are your needs?
Before starting your search, pinpoint the needs of your business so that you can first eliminate the firms you don’t want to work with. Do you need an auditing firm that provides specific types of services or can provide a comprehensive package? Do you have a particular budget that you need to work within? Is it important that the firm have industry experience? Consider your must have criteria as well as more flexible criteria to avoid eliminating a potentially highly qualified firm.
Once you have a clear list of wishes and needs, you can begin the diligent selection process.
Professional organization recommendations
If you want to find an auditing firm that will do the best job for your business, you don’t want to peruse the yellow pages. Auditing firms that advertising in your telephone book are probably either just starting out or may be having difficulty finding clients on their own due to a questionable reputation.
Instead, contact professional organizations like the American Institute of Public Accountants or the American Accounting Associations for a list of recommended auditing firms. Once you have a list, you can review their websites or call to find out the services they offer as well as typical fees.
Screening potential firms
Screening the firms you are interested in by thoroughly checking references from current and/or past customers is a must to find an auditing firm that has the potential for a long lasting relationship that will contribute to the success of your business.
Be sure to verify education and training levels as well as all of the certifications of each audit firm. Verify that all members of the firm have graduated from accredited four-year institutions and that the CPA exam has been passed.
Using a referral service like GoodAccoutants.com may be your best bet as well as being the most cost-effective option to find an auditing firm that’s right for you as quickly as possible, and without the hassle and headaches. With the ability to provide multiple quotes from a variety of audit firms with your privacy completely protected, GoodAccoutants.com can do all of this leg work for you – allowing you to do what you do best for your company.