{"id":68,"date":"2019-12-10T10:30:27","date_gmt":"2019-12-10T10:30:27","guid":{"rendered":"https:\/\/www.cac.net.in\/blog\/?p=68"},"modified":"2019-12-18T10:38:41","modified_gmt":"2019-12-18T10:38:41","slug":"five-right-ways-to-choose-a-reliable-audit-company","status":"publish","type":"post","link":"https:\/\/www.cac.net.in\/blog\/five-right-ways-to-choose-a-reliable-audit-company\/","title":{"rendered":"Five Right Ways To Choose A Reliable Audit Company"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Choosing an\naudit company is not a simple matter, since an audit is a specific service,\nwith its own rules of the game and the current market. This topic is especially\nrelevant due to the lack of licensing of audit activities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What should a\nleader and chief accountant know when choosing an auditor in order to receive\nquality services, maintain the financial security of the organization and, in\nthe end, not buy a &#8220;pig in a poke&#8221;?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In our opinion,\nit should be based on some basic principles of choice.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1. The most important criterion for choosing an Retail audit company<strong> <\/strong>is REPUTATION. Not the last way to disseminate information about the audit company is the so-called Word of mouth. Ask your colleagues and business partners &#8211; they will definitely share with you both positive and negative experiences with auditors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Moreover, the\nreputation is not so much as an assessment of goodwill (the value of the name\nand business value (position) of the company), but rather a business image:\nprofessional history (dossier), commitment, objectivity, ability to\ncomprehensively assess the audited entity, taking into account the\ncharacteristics of the client\u2019s activity, ability specific recommendations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2. Undoubtedly,\nthe reputation of the company as a whole is made up of the LEVEL OF\nQUALIFICATION AND PROFESSIONALISM OF PERSONNEL.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Naturally, this\nis knowledge of the legislation in the field of audit, accounting, taxation,\nand law. In addition, knowledge of the subtleties in the audited business\nsegment (energy, transport, communications, etc.) is required. Some audit\nfirms, mainly checking enterprises specializing in wholesale or network retail,\nare unlikely to be able to check informally an enterprise specializing in transportation\nservices or construction works.<\/p>\n\n\n\n<ul class=\"wp-block-gallery columns-1 is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\"><li class=\"blocks-gallery-item\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"960\" src=\"https:\/\/www.cac.net.in\/blog\/wp-content\/uploads\/2019\/12\/59295861_287384775536238_1853038321026990080_o.jpg\" alt=\"\" data-id=\"69\" data-link=\"https:\/\/www.cac.net.in\/blog\/?attachment_id=69\" class=\"wp-image-69\" srcset=\"https:\/\/www.cac.net.in\/blog\/wp-content\/uploads\/2019\/12\/59295861_287384775536238_1853038321026990080_o.jpg 960w, https:\/\/www.cac.net.in\/blog\/wp-content\/uploads\/2019\/12\/59295861_287384775536238_1853038321026990080_o-150x150.jpg 150w, https:\/\/www.cac.net.in\/blog\/wp-content\/uploads\/2019\/12\/59295861_287384775536238_1853038321026990080_o-300x300.jpg 300w, https:\/\/www.cac.net.in\/blog\/wp-content\/uploads\/2019\/12\/59295861_287384775536238_1853038321026990080_o-768x768.jpg 768w, https:\/\/www.cac.net.in\/blog\/wp-content\/uploads\/2019\/12\/59295861_287384775536238_1853038321026990080_o-230x230.jpg 230w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/figure><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Do not forget\nabout such characteristics as the correctness, politeness, and sociability of\nauditors. It is important to understand that the reputation of the company and\nthe individual professionalism of the staff are, in fact, one whole.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3. A significant\nselection criterion is the ability of an audit firm to provide a WHOLE COMPLEX\nOF SERVICES. An audit is an important but not the only element of the practice\nof auditors. As a rule, auditors are still engaged in the provision of\nconsulting services in the field of accounting and taxation, consulting in the\nfield of international tax relations, property valuation, management\nconsulting, legal services, etc.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The ability of\nan audit company to provide a range of services reduces the company&#8217;s costs for\nthis type of service since it reduces the risk of attracting an incompetent\nspecialist, less time is required to get into the course of business, and the\ncircle of people dedicated to the intricacies of the client\u2019s financial\nactivities is narrowed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4. An important\ncriterion is the PRICE (COST) of AUDIT.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Practice shows that one of the major mistakes of the customer when choosing an auditor is that they choose the cost of a person-day, and not the cost of the audit as a whole. Therefore, choosing a <strong><a href=\"https:\/\/www.cac.net.in\/retail-audit.php\">retail audit company in Delhi<\/a><\/strong> or an auditor &#8211; an individual entrepreneur, ask them to first assess the cost of the audit with an audit plan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you want to\nget the best option, choose the average cost, which will allow you to get decent\nquality at a reasonable cost.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">5. And the last\n&#8211; the fifth by listing, but not by significance &#8211; an essential criterion, this\nis RESPONSIBILITY. In connection with the cancellation of one of the conditions\nfor auditing to obtain a license, the requirements for professional liability\ninsurance in 2011 are not mandatory. At the same time, almost all audit\ncompanies continue to carry out voluntary professional liability insurance.\nTraditionally, national companies are insured for the minimum insurance liability\nlimit.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Choosing an audit company is not a simple matter, since an audit is a specific service, with its own rules of the game and the current market. This topic is especially relevant due to the lack of licensing of audit activities. What should a leader and chief accountant know when choosing an auditor in order&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[21,27,25,34,26],"class_list":["post-68","post","type-post","status-publish","format-standard","hentry","category-retail-audit","tag-retail-audit-companies","tag-retail-audit-companies-in-delhi","tag-retail-audit-firms-in-delhi","tag-retail-audit-firms-in-india","tag-retail-audit-service-providers"],"_links":{"self":[{"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/posts\/68","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/comments?post=68"}],"version-history":[{"count":1,"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/posts\/68\/revisions"}],"predecessor-version":[{"id":70,"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/posts\/68\/revisions\/70"}],"wp:attachment":[{"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/media?parent=68"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/categories?post=68"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cac.net.in\/blog\/wp-json\/wp\/v2\/tags?post=68"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}