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Topics: Audit, audit support, audit support services

When Should CPAs Opt for Audit Support Services?

6 MIN READ | Posted on July 21, 2022
Written By Divya Ramaswamy

When Should CPAs opt for Audit Support Services?

Audit services are reported to be one of the top services undertaken by accounting firms (17%). But accounting firms sometimes lack the bandwidth, are understaffed, or do not have the right talents. If you own a CPA firm and are considering outsourced audit support services, you must wonder when the right time is to get started. Perhaps you have been having an in-house team or developing a project for a while but are finding it challenging to scale. Or maybe your find tedious admin tasks are being a burden to your in-house team. Undoubtedly, outsourcing time-consuming tasks like audits could free up time and save money to help grow your accounting firm.

Let’s discuss when you should take the outsourcing path for audit services.

WHEN COST-EFFECTIVENESS IS YOUR PRIORITY

Cost reduction has been reported to be the top reason for outsourcing (70%). Lowering costs is undoubtedly one of the most important benefits of outsourcing. From saving all the infrastructure costs and what it takes to hire, train, and retain an in-house team, outsourced audit services can help you cut costs. Audit support services cost significantly less than hiring an in-house auditor. Apart from investing in advanced software and training, it would be best if you also stay updated with the changing tax rules, deadlines, etc. Outsourcing lets you focus on your core business and strategic tasks that could help you scale quickly. Accounting firms that outsource their audit services save a lot more than those that employ an in-house team. But your budget is the most critical factor in determining whether to outsource or have an in-house team to manage your audit tasks. But be assured that outsourcing audit support services will bring substantial cost savings to the table, and you can invest the savings in other strategic avenues to grow your firm.

WHEN YOU WANT TO INCLUDE VALUE-ADDED SERVICES TO ENHANCE YOUR FIRM’S PORTFOLIO

Your accounting firm might be great at bookkeeping services or even tax preparation, but only when you offer high-value services like audit support will it help you grow. Financial audits are crucial to assuring a business of its financial position; therefore, audit services are in great demand. But what if your accounting firm lacks the resources to offer audit services, is facing talent shortages, or other staffing woes? Outsourced audit support services can help you onboard a dedicated team of certified, trained, and experienced auditors who will work as an extension of your in-house team and per your time zone. Result? Enhanced service portfolio to include value-added services like audit services.

WHEN YOU ARE LOOKING TO SCALE IMMEDIATELY

Imagine hiring an auditor or a team of audit specialists for an accounting firm. This will include a series of interviews and a recruitment process and will also cost you a lot to train and retain them. Not only will it be a high cost, but it will also be highly time-consuming. With outsourced audit support services, you will save a lot of money and valuable time to invest in strategic planning and high-value tasks that will help you scale quickly. Uninterrupted resource availability is yet another critical benefit of outsourced audit services. You no longer have to worry about staff shortages, unexpected absences, or resignations that could hinder your firm’s growth.

WHEN YOUR ACCOUNTING FIRM LACKS THE EXPERTISE

The primary purpose of outsourced services is to get the work done by experts. You will get to leverage several years of experience and the expertise of trained and certified accountants who will accurately provide audit services. Moreover, since an audit is a high-value service, even the slightest error is enough to threaten the credibility and authenticity of your client’s reports. Outsourcing is the most appropriate solution considering how it efficiently manages the processes. Outsourced service providers are armed with qualified and expert specialists who can quickly identify errors, prevent costly penalties, and streamline the entire audit procedure seamlessly. From better control over manual errors to better process optimization, expertise is guaranteed with outsourced audit support services.

WHEN YOU WANT ACCESS TO CUTTING-EDGE ACCOUNTING TOOLS

Audit support service providers use high-level tools and software to deliver unmatched audit services to your accounting firm. Moreover, these latest accounting tools also ensure rapid turnaround time while performing audit services for your CPA firm. Your outsourced auditor will handle all aspects of the audit process. From interacting with your firm’s clients for auditing queries, migrating traditional files to e-files, and performing casting procedures for internal consistency, they have all the latest technology and software to help you manage all your auditing activities with finesse.

WHEN YOU DON’T WANT TO WORRY ABOUT DATA SECURITY

Fraud is clearly one of the main concerns for all businesses, and data security and confidentiality are the critical components of audit services. Any mishaps, errors, or data breaches regarding auditing tasks could lead to long-term consequences, which is why outsourcing is a great idea. An external audit support team works with secure platforms and stringent data security measures to help prevent internal breaches and ensure that your clients and investors do not lose faith in your firm. A leading global outsourced audit service provider like QXAS fully complies with comprehensive data security measures.

WHEN YOU WANT TO REDUCE RISK & LIABILITY

You need not worry about increasing regulatory requirements or potential litigation when outsourcing your audit services. Not only do audit support services help reduce your risk and liability, but they also ensure high-quality work. Working with a dedicated team of audit experts that is up to date with all the necessary information at their fingertips can help you reduce compliance risk and will also give you that peace of mind. Any mistakes or mishaps in the audit process are prone to penalties. Still, the perfect audit support service provider offers capabilities beyond what you can perform, saving you money and freeing up valuable time.

OVER TO YOU

Did you know that 54% of all companies use third-party support teams, and 37% of all accounting tasks get outsourced? Regarding an accuracy check on organizations’ financial statements, the trust factor takes many notches higher if qualified and reputed auditors conduct it. A favorable audit report will enhance your client’s confidence and offer significant insights into improvement areas. Audit support services can help accounting firms add value-added services to their portfolio and ensure data security and compliance while saving a lot of money and time. Now the challenge is selecting the right audit support service provider as you now know when to get started. Partner with a global audit support service provider with a deep-seated understanding of US audit procedures & standards with hands-on knowledge. And ensure that it is backed by a successful track record of experience in diverse audit needs of CPA firms.

DEDICATED AUDIT SUPPORT SERVICES WITH QXAS US

QXAS US is the most-trusted global outsourcing partner offering dedicated audit support services for leading accounting firms in the US. With state-of-the-art infrastructure and a highly trained & experienced team of professionals, QXAS is here to make the audit process seamless and highly profitable to your accounting firm. Our talented 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! From simple reviews to a full-scale audit, our audit support service team can fulfill all your audit requirements.

THE 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 21, 2022 07:07:01, updated Aug 03 2022

Topics: Audit, audit support, audit support services


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