It is understood that the auditor must complete the task as per the law and custom, but there are certain factors that must be considered before hiring an auditor.
Industry experience - if the auditor has experience within the industry you operate, it will prove to be an efficient audit and the generic questions being asked will also be avoided. You can expect a relevant value-added service and the analysis can be turned into concrete actions.
Qualifications - in case an audit is conducted to meet an external regulator’s requirements, it is important that the lead audit partner qualifies the conditions expected by the regulator.
Quality assurance processes - a good auditor must be able to demonstrate how they will fulfill their professional service quality in terms of best practices, auditing standards and compliance with relevant legislative requirements.
Use of technology - a good auditor must use technology and data analytics to perform an audit. Technology aids in digesting large data sets across organizations, finding anomalies quickly and freeing auditors to assess, interpret and focus on its implications.
The reputation of the audit firm - you can check for references, testimonials, and awards, which indicates an audit firm’s reputation in the industry.
Reasonable fees- the fee is often a key decision factor. It is, however, important to ensure that the audit fees are adequate so that the quality of the audit does not get affected adversely.
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