Your relationship with the auditor representing your brand is a critical one and of course worth your time & due diligence before selecting one. Hiring a wrong auditor for your company can have serious repercussions on your business, brand & goodwill. Getting to know your potential auditor before sealing the deal is imperative for a long and happy alliance.

So what should be kept in mind while making this decision? Apart from the regulatory requirements governed by law of the state, an auditor must fall perfect on the following key-considerations:

Experience
The finance & accounting field requires a professional to keep abreast of all the new pronouncements and accounting standards. Auditors’ experience says a lot about the qualification of their team, people skills & aptitude. A valuable experience in the field, cited by genuine references must be cross verified before you select one.

Communication & Transparency
The auditor should be well-versed with the field’s technical terms but at the same time also can explain to a common man in layman terms. Also, transparency in interactions is just as essential.

Industry expertise
An auditor or audit team that has a clear understanding of the industry would be better than an auditor who conducts research on your expense and time.

Reputation
Ask for references and call them to assess your auditor’s goodwill. Any awards issued represent high reporting standards. Ask them if they have won any.
Fee

A few bids should be assessed to arrive on a competitive offer. Ask beforehand about any hidden charges that may anytime later reveal to your surprise.

Want to know more about SMSF audits? Contact our experts on 1300 707 325 or [email protected] today.