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AUDIT SERVICES

Outsourcing audit work helps accounting firm stay afloat during COVID-19

THE CLIENT OVERVIEW

KMP is a leading Chartered Accountancy and Business Advisory firm in Croydon, Surrey. They provide a range of bespoke solutions & specialist advice in areas such as Tax Services, Audit, Financial Planning, Accounts, Corporate Finance, Business Start Ups, Payroll Services, VAT and Bookkeeping. Their audit services for over 200 clients as a part of their suite of services. After using QXAS to support peak time limited company accounts production, our client made a decision to expand their use of QX for payroll and auto-enrolment services.

AT-A-GLANCE

AT A GLANCE

50% cost reductions in hiring & ability to take on more clients for audit work.

Using QXAS, our client were able to:

  • Achieve faster turnaround on audits.
  • Ability to take on more clients during COVID-19.
  • Cut back on the time spent on hiring audit staff members.
  • Focus on high-end activities and practice growth
  • Access skilled and qualified staff at a fraction of the cost.

THE CHALLENGE

As an established accounting practice in the Croydon area, KMP has a portfolio of large clients with 60-70 annual audits.

However, with a large group of new clients coming on board within a short duration of time, the overall workload for auditing increased significantly. With over 6-7 audits to be processed each month, along with a variety of daily and monthly assignments & advisory services, KMP was struggling with hiring an audit resource within the timeframe.

Our client spoke about how the main challenge in managing the peak-season audit workload.

“We were struggling to find a member of staff to add to our audit team. We felt that because of COVID-19 we needed to be able to respond quickly to our client’s needs. People needed their audits done quickly.

And to try and recruit anyone with an audit background in the UK – it’s like finding a needle in a haystack.

HOW WE HELPED

We took on the entire responsibility, of processing 5-6 audits on a monthly basis, right from initial planning and gathering data to liasing with the audit partner.

Some of the key activities we carried out include:

PLANNING STAGE
EXECUTION
COMPLETION

SERVICES DELIVERED

RECOMMENDATION

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“Would I recommend you guys to somebody? That would be an emphatic yes. You’ve ticked all the boxes. You responded in a very efficient timescale which nobody else even in the UK has been able to.”

Romit Basu, Audit Partner, Kings Mill Partnership
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“If someone told me we can’t find an auditor – I’d say I have someone you can go to.It’s so difficult to get audit staff to join a smaller practice – which is why audit support services is a really good service. It can add a lot of value"

Priyesh Shavdia, Partner, Kings Mill Partnership.

Watch KMP tell their audit success stories and outsourcing experience:

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