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Topics: Accounting outsourcing, Audit, audit support, audit support services, benefits of outsourcing, Outsourcing

Debunking the Misconceptions about Audit Support Services

5 MIN READ | Posted on July 15, 2022
Written By Divya Ramaswamy

Debunking the myths about Audit support services

Delivering high-quality audit support services leveraging advanced data analytics and process improvement requires a combination of technical & industry experience and is no small feat. When it comes to ensuring the accuracy of financial records, all organizations need a partner they can trust. With the many audit challenges that come their way, the role of an auditor is nothing but challenging.

Auditors in the accounting space, in particular, review and analyze sensitive financial records concerning tax laws & governmental regulations. Such a cumbersome task requires excellent precision and efficiency alongside the responsibility to vouch for quality and authenticity. But accounting firms sometimes do not have the bandwidth, resources, or infrastructure it takes to offer audit services to their clients. And needless to say, accounting firms face many staffing problems too. That is where outsourced audit support services come to play.

Since early times, businesses have been using third-party services to access resources. Currently, the global market has evolved to give this concept a name called “outsourcing” and reap its enormous benefits. However, business owners continue to be skeptical about outsourcing some of their business operations, especially ones like outsourced audit support services. It’s a shame that misconceptions pertaining to outsourced industry lurking in the market has been causing it.

Outsourcing such aspects of a business could get intimidating, especially when it comes to deciding on the right service provider. If you are considering outsourced audit services for your business, you might have some concerns about the process. There are many myths and misconceptions about how beneficial outsourced audit support services can be to accounting firms. Understanding reality can help you make an informed decision.

So, let’s debunk some of the most prevalent misconceptions about audit support services.

Audit Support Services are Very Expensive

Outsourcing is generally regarded as an additional expense, and most organizations consider them unnecessary for their operations. But in reality, it is the inverse. Cost-efficiency is one of the essential advantages of outsourced audit support services. In fact, some businesses actually view auditing outsourcing solely through the lens of cost-cutting. The cost savings that outsourced services generate can be pretty substantial, and several companies offer their services at a reduced rate. With outsourced audit support services, you will save on all the expenses pertaining to hiring, training, and retaining an in-house team and added expenses like insurance. You will also be saving a lot on the infrastructure.

With Audit Support Services, My Data Won’t Be Secure

As with any outsourced service, data security remains to be one of the major concerns. A general rule of thumb in safe outsourcing is to ensure that your third-party service provider has a coherent and working security policy. Most outsourcing providers are armed with information protection policies alongside other data security measures like internet usage, password, etc. When you partner with a provider to outsource audit services, review certifications such as SOC 2 and establish clear expectations. For example, when you outsource with a global service provider like QX, you do not have to worry about data security considering the high level of data security efforts in place. Outsourcing with a certified and data security-compliant service provider ensures seamless audit support services for accountancy firms. Error-free audit support alongside client satisfaction and retention are some fantastic benefits of audit support services you don’t want to miss.

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

Audit Support Services Don’t Add Any Value to My Accounting Firm

Sometimes accounting firms consider outsourcing audit support as unnecessary or an unworthy investment. Amidst the not-so-positive opinion about outsourced services, audit support is considered worthless. But, outsourcing is one of the most profitable means to scale easily and quickly. Outsourced audit support services offer enormous benefits, from saving your team valuable time and energy to improving your CPA firm’s service bandwidth. Your in-house auditors can now use their committed time to focus on more critical and value-adding operations. With audit support services, your accounting firm’s service portfolio is also enhanced and helps achieve a higher client retention rate. Not only does it improve profits, but it also helps sustain the ever-growing competition in the market.

There is a Loss of Control with Outsourced Audit Support Services

There is a belief that Outsourcing audit services bring in a loss of control and that accountants will no longer have a say in how tasks are carried out. Outsourced auditors, in reality, do not carry out tasks in their independent ways. With outsourcing, you actually add certified professionals as an extension of your team, working per your time zone. You can, in fact, interview candidates before onboarding the outsourced auditors who offer audit support services for your accounting firm. Your service provider will regularly provide reports and timesheets to keep you informed about their workflow. You will have complete freedom to choose your offsite team, which will only be dedicated to handling your tasks.

Wrapping Up

Outsourced audit support services are highly capable of driving cost savings and accelerating your accounting firm’s growth. Thorough research and planning in choosing the right outsourced service provider can help you overcome any potential obstacles and prevent misconceptions from affecting your decisions. Now that these misconceptions are debunked, nothing should stop you from reaping the enormous benefits of outsourced audit support services.

Dedicated Audit Support Services with QXAS US

QXAS US is a premium global outsourcing partner offering dedicated audit support services for accounting firms in the US. We are equipped with state-of-the-art infrastructure as well as a highly trained & experienced team of professionals that make audits highly profitable. Our dedicated team of outsourced auditors is here to take the tedium of auditing, free up your valuable time so you can find new clients, and focus on practical tasks and strategic planning to help your firm scale! Whether your clients are looking for a simple review or a full-scale audit, our dedicated audit support team of certified & highly trained accounting professionals can seamlessly collaborate with your accounting firm. Our value-focused auditing 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.

QXAS Advantage

  • Less tedium & more precision guaranteed with highly qualified auditors in place
  • 12+ years of experience in outsourced 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.

Book a Consultation

We hope you enjoyed reading this blog. Just book a call to find out how our outsourced audit support services can increase your accounting firm’s productivity.

Originally published Jul 15, 2022 04:07:38, updated Aug 24 2022

Topics: Accounting outsourcing, Audit, audit support, audit support services, benefits of outsourcing, Outsourcing

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