If your company or business will need to be audited in the future, then start your search for an audit firm sooner because it will let you to take your time and choose a good firm. An audit firm looks at a companys financial statements and gives an independent opinion on whether the statements are complete, accurate and correctly presented or not. There are many situations in which a private passing a loan and suppliers require it before delivering a big consignment of product on credit.
Every business owner will want to go with an audit firm that is popular for integrity and excellence. After all the money and time you will invest in the audit, and you dont want the audit report to be questioned. Ask your clients, vendors and friends in your industry for recommendations. In addition, if you have a good relationship with an accounting or CA firm for other matters, ask for audit services as well. You should visit the websites of Company Auditors in Pune for getting a feel for their experience, value-added services and corporate culture.
Try to find an audit firm that performs audits regularly for companies that are about your size. Moreover, search for a firm with some experience and knowledge in your industry and you dont want the audit company to be learning your industry on your dime. Keep in mind that your choice of audit firm will depend on why youre having the audit performed, such as, if youre looking to secure a bank loan, ensure the bank approves of your choice of the audit firm prior to committing to the firm.
You also need to observe about the experience and documentations of the firms employees. What percentage of them are certified accountants or CAs? Try to find which professionals will be working on your audit and be sure to meet these professionals personally. Also find out about firm turnover within the firm. If you will have audits done regularly, you dont want to have to educate new people about your business every time.
The audit firm will want to look at your internal controls to decide how to proceed. The firm should be able to tell you what it needs of you before the audit in order that you may make essential preparations to avoid delays that can cause fees to rise. Also ask current and former clients if the auditors came all set, if they provided the clients regular updates on audit and whether they understood the business and industry of the clients.