Audit Support Services: How Can it help CPA Firms?

Successful audits are crucial to scaling up your accounting firm by creating value alongside mitigating risks. Audit services are one of the most critical ones expected out of accounting firms. And what happens when your firm doesn’t have audit services in its repertoire? You outsource it by availing of audit support services from specialist companies.

Outsourcing Audit services can help accounting firms ensure that their clients’ accounting records accurately represent their transactions. They are conducted to check the accuracy of your client’s accounting and bookkeeping systems. From reducing risks and detecting frauds to assuring your investors and fostering business growth & decision making, audit services are crucial to every organization. Audit support services are those offered by an external auditor to review and assess an accounting firm’s financial statements. Financial audits provided by such external auditors help evaluate statements and reports for their authenticity and accuracy.

Audit support services are specially designed to help CPA firms that offer audit services to their clients. Those CPA firms do not have these services in their repertoire and often struggle with insufficient, unskilled, or overused staff or are unable to meet their deadlines or quality expectations. By outsourcing these audit services to an external provider, these firms can relieve their stress by getting professional and qualified auditors offering end-to-end support and guidance to make their auditing tasks hassle-free.

How to tell if you should opt for audit support services?

Audits bring in the second set of eyes looking over a business’s accounts. Although audits can be expensive and time-consuming, they are necessary for companies. Accounting firms outsource audit services to save critical time to provide advisory services, increase capacity, expand service portfolios, and take care of other crucial tasks. Outsourcing audit functions let a third-party audit support service provider review an organization’s operations per international financial reporting standards.

Why do you need audit support services for your CPA firm?

An in-house audit team generally conducts audits to check the effectiveness of the internal control environment, review the organization’s financial information, examine the operation process and evaluate the effectiveness of risk management policies. Based on the circumstances and business schedule, audits can be conducted weekly, monthly, or yearly. In simple terms, auditing is like a health check-up. It is an evaluation of a business’s health. A few important reasons why accounting firms choose audit support services to include:

• Cost savings: You don’t have to maintain an in-house audit department and can save all that would be spent on hiring, training, and retaining expert auditors.
• Extensive Experience: You can take advantage of the vast experience of your audit support service provider’s expert accountants. Your clients’ auditing procedures will be handled by highly trained accountants who are up to date with the new accounting trends, solutions, and technologies.
• Scalability: one of the most significant advantages of outsourcing services is the capacity to scale. Outsourced audit support services help your CPA firm scale up to accommodate a more extensive workload when it reaches a bottleneck.
• Increased organizational flexibility: As your firm develops, your in-house team might be burdened with excess workload and might not find time to handle audit procedures for your clients. Outsourcing helps improve your firm’s flexibility, and the outside assistance helps them take on new responsibilities.
• Higher turnaround time: You can provide your clients the services they seek more quickly with audit support services. Working with an accounting outsourcing firm that can complete audit services quickly and maintain quality is a great idea.
• High-performance metrics: Partnering with a SOC 2 and ISO 27001 compliant audit support service provider can help strictly meet accuracy requirements. Outsourcing ensures that the services adhere to the highest quality standards.
• Ensure Compliance: Auditing has become a critical task given how beneficial it is as it offers the opportunity to improve your organization. Compliance is one of the main reasons businesses avail audit services from accounting firms. Audits are conducted to meet the statutory requirements and regulations according to the industry. It assures business owners and stakeholders that their organization is 100% compliant with all its present statutory obligations.
• Expand capabilities: Outsourcing lets you expand your firm’s audit capabilities by incorporating the expertise of highly trained auditors. You can access professional, talented auditors without increasing your firm’s headcount. You get to be the one-stop shop your clients demand as you outsource the work to trusted, highly trained, and efficient accountants.

Wrapping Up

An effective audit function helps organizations oversee their business and ensure compliance with internal policies & procedures. Identifying problems early can help your clients take necessary actions and save time and money, given how costly and time-consuming penalties can get. Outsourcing providers use the most secure and latest software and systems, so you need not worry about data security. Adding professionals to your firm would undoubtedly bring increased efficiency and, in turn, more business. Instead of spending money on expensive overheads or hampering your business’s cash flow, it is excellent to invest in outsourcing.

QXAS’ AUDIT SUPPORT SERVICES HAVE GOT YOU COVERED!

Equipped with a dedicated team of professionals that make audits highly profitable, the QXAS audit support team is here to take the tedium of auditing, freeing up your time for new clients, and help your firm scale to a whole new level! Whether your clients are looking for a simple review or a full-scale audit, our highly trained auditors can seamlessly collaborate with your firm. Our value-focused professionals have covered you from risk assessments, planning support, and preparing financial statements to all kinds of substantive audit procedures.

BUT WHY QXAS?

• Less tedium & more precision guaranteed with highly qualified auditors in place
• More than 12 years of experience in audit support services & accounting outsourcing
• India’s first GDPR-compliant accounts outsourcing company
• Listed under IAOP’s top 100 global outsourcing list
• 100% quality and security assured as we fully comply with ISO 27001 for information security and ISO 9001 for quality.