10 Tips for Accountants to Select the Right Audit Support Services Provider

The world of accounting has undergone enormous changes over the last few years. The growing competition and ever-rising client expectations have put immense pressure on accountants to scale their performance. Accordingly, accountants are constantly looking for new opportunities to attract new clients, grow their portfolio, and expand their practice.

The auditing industry in the UK currently offers a lot of promise to small and mid-sized accountancy firms. Deeming this as an excellent opportunity to grow their practice, many accountants are venturing into the auditing industry with the help of professional audit support services.

However, despite the promise and lucrative opportunity for smaller firms, the UK auditing industry looms in uncertainty and mistrust. For this reason, it is essential that accountants choose their audit outsourcing partner carefully.

Finding the right outsourcing provider to manage your accounting audit process and ensure complete efficiency and authenticity can be challenging. Here are ten tips to help accountants make the right choice.

1. Look into your inbox

Research is critical to finding the right outsourcing provider. There’s a pool of outsourcing companies out there claiming to be the best in business. So, let’s start simple.

Outsourcing companies regularly email potential customers with the latest updates and discount offers. If you are an actively practising accountant, you likely receive such emails too. So, delve into your inbox and look at these emails that are otherwise tagged away as spam. You will likely find a suitable audit support services provider right there.

2. Attend accounting seminars and events

Another easiest way to connect with outsourcing providers is to attend accounting seminars and conventions. These events witness the participation of numerous outsourcing companies, allowing accountants to interact with multiple potential partners and explore their services.

Many firms offer special discounts to event attendees and make efforts to engage with them post the events. Besides, events are an excellent way for accountants to build relationships with accounting audit support providers.

3. Talk to colleagues and peers

Although digitalisation has revolutionised the way people look for information, word-of-mouth marketing still holds its ground. Therefore, it is wise to seek suggestions and recommendations from your peers and colleagues when looking for an audit outsourcing partner.

As a practising accountant, you may have numerous contacts in the industry. Some of these contacts may have worked or interacted with an accounting and auditing outsourcing company. Their experience can be crucial and come in handy when you make your outsourcing decision.

4. Ask all the right questions

When you interview a potential partner for audit support and preparation services, it is essential to ask all the right questions. Outsourcing is a critical decision that can impact your firm’s growth and reputation.

To begin with, interview multiple outsourcing companies instead of focusing on just one. Ask them about their hiring process, management practices, pricing and engagement models, communication systems, data security measures, and so on.

5. Seek critical scenario-based insights

Communication is a two-way street. You may be diligent in explaining all your requirements, but it is essential that your outsourcing partner understands them. This shall ultimately help them tailor their services to your needs.

When interviewing an audit support services provider, give them potential scenarios and seek their insights. For instance, how would they handle a misreporting issue, or what would their approach be in case of a data breach. These insights will help you understand how well your outsourcing partner has understood your requirements.

6. Give prominence to industry experience

As mentioned earlier, there are numerous outsourcing companies in the UK accounting and auditing industry. These companies differ in expertise, years of experience, and pricing and engagement models.

A company with relatively lesser industry experience may charge you a lower price for its accounting audit support services. However, instead of making a pricing-based decision, accountants must give prominence to industry experience. These companies have dealt with varied situations, served multiple clients, and have a hands-on understanding of the auditing industry, which shall prove helpful to your firm.

7. Evaluate their technical expertise

Digitalisation and technology have taken over the accounting world, especially in the post-pandemic world. Gone are the days when accountants would indulge in heavy paperwork and rely on conventional methods to get tasks done.

Several accounting and auditing software are available today to make accountants’ jobs simple and hassle-free. Integrating these into your processes will not only ensure greater efficiency for your firm but higher cost savings in the long run. Therefore, evaluate your audit support services provider’s technical expertise while selecting the right firm to partner with.

8. Analyse relevant data security standards

Amidst the reeling atmosphere of mistrust in the UK auditing industry, authenticity and data security are supreme. While the Financial Reporting Council (FRC) does its part to regulate every financial audit in the country, it is crucial that the outsourcing firm you are partnering with keeps data protection and security at the core of its services.

External audits involve the transfer of sensitive and confidential information. Therefore, analyse your auditing firm’s data security measures and ensure they comply with all the essential standards.

9. Conduct a background check

Once you have narrowed down your search, it is time to re-evaluate all the information about your potential partner. All outsourcing companies claim to be the best service providers, but how good are they really?

A background check is crucial to finding the right audit support services provider. Look up your potential partner firm on social media and read what their customers and employees are saying about them. Read their client testimonials and seek professional references from the company. Do not hesitate to contact people and seek their opinion.

10. Review the terms of the contract

Lastly, get everything in writing when you have finalised a partner to outsource your accounting audit process. Decide the terms of the contract mutually and thoroughly review the agreement before signing it.

This defines the roles and responsibilities of both firms involved in the outsourcing partnership and lays a solid foundation for accountants and candidates alike.

Are you looking for a dedicated audit support services provider?

Finding the right firm to outsource professional audit support and preparation services can be exhausting. But we are here to help you.

We, at QXAS, provide customised audit support services UK to growth-focused accountants, helping firms create capacity and scale quickly. We are a team of over 1000+ dedicated accountants and auditors trained extensively on the latest UK auditing regulations.

Why choose QXAS?

• Customised solutions and highly experienced accountants
• Dedicated engagement models and risk-free service trial
• India’s first GDPR-compliant accounting outsourcing company
• Professionally affiliated with prestigious organisations like  ACCA
• Fully compliant with ISO 27701, ISO 27001, and ISO 9001 standards
• Winner of 100% score in all BSI audits

To learn more about our services or avail a free trial, drop an email to [email protected] or book a free consultation with one of our outsourcing experts.