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Your path to a quality auditor

INFOGRAPHIC | August 17, 2023

Authored by RSM US LLP


As your business grows and becomes more complex, your audit needs evolve. You might feel an increasing need for industry specificity, or perhaps your data management challenges demand modern applications and processes. Sometimes, your needs may be more foundational-you want an auditor who will meet deadlines and avoid surprises. Maybe you just want to cultivate a more productive working relationship.

Ultimately, your goal is a quality audit that provides great value. Although that means something different to each organization, your path to realizing that value starts with an understanding of what comprises a quality audit and the reasons you may be inclined to change auditors.

Why might you search for a new auditor?

  • Insights: Companies want an audit firm with deep knowledge of a specific industry or a better understanding of the company’s unique needs.
  • Costs: Companies often seek to reduce audit fees by hiring a firm that is more cost-effective.
  • Relationship: A breakdown in the working relationship between the auditor and the company could lead to a switch.
  • Independence: Stakeholder confidence in financial statements is built on the auditor’s integrity, competence, objectivity, and independence

Mapping the path to a quality audit that provides great value can help you evaluate your current dynamic.

That may prompt additional reflection about audit quality, with questions such as:

  • Does your audit firm disclose the system of quality control it uses to support audit quality?
  • Does your audit firm have the resources and geographical reach needed to meet your business’s needs?
  • Does your audit firm’s processes help avoid surprises, detect issues early, and complete the audit in a timely manner?
  • Does the engagement team have the necessary skills, industry expertise, and resources?
  • Does the team use technology and data analytics to identify risks? Does it add valuable human insights to supplement the technology?

The answers are crucial to how your audit supports operational effectiveness and stakeholders’ confidence in your financial statement data. And they may compel you to begin down a new path.

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Source: RSM US LLP.
Reprinted with permission from RSM US LLP.
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As CPAs, we know how to keep things balanced. At Schlenner Wenner & Co. we balance the resources of our professional staff with the individual needs of our clients. Our goal is to help clients keep their life in balance enabling both large and small businesses to become prosperous and reach their full potential.

Schlenner Wenner & Co. is proud of its record of maintained lasting relationships with both individuals and businesses. We are committed to providing you with quality work and innovative and timely solutions to your financial needs. Since our business started in 1964, we have learned a great deal, and we are ready to help your company grow and succeed. We are looking forward to working with you.

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