Audit Support Services Outsourcing – How Does It Work?

Audit services are crucial to any organization, given how it helps determine a business’ financial position and to analyze its functioning. Providing Audit services can be a significant task, particularly amidst busy audit seasons. As the talent shortage war gets more challenging, accounting firms are finding new ways to deliver quality audit solutions. Outsourcing is one of the most innovative business models that address the talent shortage and has been around for a long time. Accounting firms that do not have audit services in their repertoire partner with third-party providers for outsourced audit support services.

Accounting firms that offer external audit services to their clients often struggle to cope with the increasing workload. They also face other challenges, such as being short-staffed or a scarcity of skilled auditors to execute the tasks efficiently. Outsourcing is the best solution to fix these while ensuring data security and compliance. Audit support services refer to end-to-end execution and guidance to accounting practices via experienced and well-trained professional auditors.

What do Audit Support Services Cover?

They help keep up with the stringent audit deadlines and your client’s filing of financial statements- the most crucial aspect of your audit season. Outsourced audit support services help CPA firms understand their client’s business and complete their audit timelines while providing systematic assistance in all audit areas. The services include interacting with clients for auditing queries, rolling forward audit files on software, migrating from traditional excel audit files to e-files, reviewing financial statements, performing casting procedures on accounts, checking accounts for compliance with accounting standards, and preparing checklists to report errors.

Auditors analyze documents pertaining to a company’s risks, objectives, and performance alongside observing how they implement different strategies. Outsourced auditors will be better able to view your client’s operations objectively without bias.

Audit processes consist of the following steps:

• Gathering information on how a company is operating
• Monitoring & analyzing risk assessments and controls of an organization
• Reviewing the company’s compliance with local and federal laws & policies
• Verifying information, making recommendations for improvement, and providing insights on the same
• Following up on the organization’s progress

How can Audit Support Services Benefit your Accounting Firm?

Audit support service is crucial to your accounting firm’s success and can transform your practice in the following ways:

• Takes the tedium out of auditing: One of the significant advantages of audit support services is that it offers increased flexibility to meet your business needs. It takes the tedium out of auditing without burdening your auditor’s time, costs, and workforce. With outsourced audit support services, you get access to trained, highly qualified, and experienced professionals who will devote their time to processing audit working papers. Hence, there are no more errors or missed deadlines.
• Save costs: while many businesses view outsourced audit support services as something that solely helps cut costs, it isn’t necessarily bad. Cost-cutting is one of the main advantages of outsourcing, and its savings can be substantial. Most businesses offer their services at a reduced cost rate. More importantly, you can save a lot of money on the salaries, taxes, office supplies, and infrastructure it takes to hire, train, and retain an in-house team.
• Better capacity to scale: Accountants who start their practice and begin their journey with a small client base often run out of work or fail to get new clients. They struggle to deliver quality results and meet deadlines due to talent shortage, and scalability is far more than a distant dream. But with the right and timely external support, firms can include audit services in their portfolio and improve their capacity to scale effectively.
• Steadier revenue stream: with the ever-growing competition, accountants might find it challenging to have a steady revenue stream for their business. But with the proper accounting audit support, they can now bring their efforts to favor them. Audit support services enable accounting firms to enhance their service portfolio to retain and get new clients. This allows a steadier revenue stream and increased capacity to scale throughout the year.
• Acquire & retain clients: an enhanced service portfolio not only helps keep existing clients but also does bring in new business. Offering a new set of services opens new opportunities, and outsourced audit support services provide highly skilled and trained professionals; your firm becomes a preferred and trustworthy partner for a whole new range of clients.

Must read: The Ultimate Guide to Outsource Professional Audit Support Services

Wrapping Up

A practical audit function helps accounting firms scale efficiently, enhance their service portfolio, maintain their existing clients, and attract new ones effortlessly. Working with the right provider is key to your accounting firm reaping all the benefits of outsourcing audit services. Aside from professional audit support competence, experience, and a low-cost engagement model, partnering with a successful audit support service provider can help your firm thrive. High-performance metrics and increasing turnaround time are the key characteristics of a successful outsourced audit support service provider.

Adding a dedicated team of certified and trained auditing professionals to your firm would undoubtedly bring increased efficiency and more business. Investing in outsourced audit support services is any day better than spending money on expensive overheads. The best outsourced audit support service providers meet strict accuracy requirements and provide services to your clients more quickly than what was possible with an in-house team. We recommend that your transition to outsourced auditing services be well-planned and supported by thorough research

QXAS’ AUDIT SUPPORT SERVICES FOR AN EFFORTLESS AUDIT

We are equipped with state-of-the-art infrastructure and a highly trained & experienced team of professionals that make audits highly profitable. The QXAS audit support team is here to take the tedium of auditing, free up your time for new clients & strategic planning to help your firm scale! Whether your clients are looking for a simple review or a full-scale audit, our dedicated team of certified and highly trained auditors can seamlessly collaborate with your firm. Our value-focused professionals are here to take your burden off time-consuming tasks, from risk assessments, planning support, financial statements, and 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.