Auditing your business is a key part of growth as it gives you the opportunity to have an external expert review your financials, systems and controls. With heightened compliance and regulatory changes, an external audit brings a fresh perspective and helps uncover risks or inefficiencies you might not see from the inside.
Why change your auditors?
Many businesses hesitate to change their auditors, often assuming it will be a time-consuming process that disrupts day-to-day operations. In reality, switching your auditors can be smooth and lead to long-term benefits for your business.
- Fresh perspective
Changing your auditor could bring fresh perspectives and ideas that could initiate internal change and spark growth. A new auditor will carry out a full risk assessment of your current controls and systems, offering independent insight and ideas that may not have surfaced with your current auditors.
- Improved service quality
Unhappy with your current auditors service? Maybe they are lacking in communication or responsiveness. A new auditor could provide a better level of service so it may be time to explore alternatives.
- Costings
High costings of auditors can impact cash flow and cause extra strain on financials. A change could lead to more competitive pricing or better value for money.
- Regulatory or governance requirements
Some organisations such as charities are required to rotate auditors periodically to maintain independence and objectivity. New auditors could assist in your business, offer fresh insight, challenge assumptions, and strengthen your internal processes as well as helping you meet governance standards.
- Specialist expertise
Have you expanded your services or entered new markets? You may require auditors with sector-specific knowledge or experience in complex areas like international trade or group structures. At PM+M our partnership with the Praxity alliance* (the largest alliance of independent accounting and tax advisers in the world) allows us access to international tax or accounting advice if needed.
- Innovation
With the consistently changing world of innovation and technology, it is important your business keeps up to date with the latest developments to ensure you don’t fall behind. Changing auditors may allow you access to more advanced audit tools and data analytics that could help fast forward your business growth.
When is the right time to change auditors?
The right time to change auditors is all down to your business, its needs and its current position.
Some key questions to ask are:
- Has your company grown in the past year or has it expanded into different markets/ services?
- Are you happy with your current auditors?
- Does your business require a change in auditors to meet compliance/ regulatory requirements?
- Are you looking for a fresh perspective or new ideas to support internal improvements?
- Are you preparing for investment or external funding that requires enhanced audit scrutiny?
The process of changing auditors
Although the audit process can be a long one, it can be worth it in the end for the results. When looking at changing auditors the first step is to establish what you need from the outset. Look at any pain points that your current auditors are not delivering on. Being clear on your priorities will help you find the right fit. Then you can start exploring your options. Research potential audit firms and send out invites to tender. It’s not just about fees, it’s about the people you are working with and whether they will fit the culture of your firm, bring new ideas and deliver what you want.
How PM+M can help
Our expert team is here to guide you through the handover of your audit, the complexities of regulation and compliance, and ensuring that you meet your statutory obligations. By gaining insights from the audit process, we can provide tailored advice and support to help you achieve your business goals.
For further information or to discuss your individual circumstances, please contact Ceri Dixon using the button below.
*We are an independent accounting firm allowed to use the name “Praxity” in relation to our practice. We are not connected by ownership with any other firm
using the name “Praxity” and we will be solely responsible for all work carried out by us on your behalf. In deciding to instruct us, you acknowledge that we have
not represented to you that any other firm using the name “Praxity” will in any way be responsible for the work that we do.
