INFOGRAPHIC | August 17, 2023

Authored by RSM Canada

As your business grows and becomes more complex, your audit needs evolve. You might feel an increasing need for industry specificity, or perhaps your data management challenges demand modern applications and processes. Sometimes, your needs may be more foundational-you want an auditor who will meet deadlines and avoid surprises. Maybe you just want to cultivate a more productive working relationship.

Ultimately, your goal is a quality audit that provides great value. Although that means something different to each organization, your path to realizing that value starts with an understanding of what comprises a quality audit and the reasons you may be inclined to change auditors.

Why might you search for a new auditor?

• Insights: Companies want an audit firm with deep knowledge of a specific industry or a better understanding of the company’s unique needs.
• Costs: Companies often seek to reduce audit fees by hiring a firm that is more cost-effective.
• Relationship: A breakdown in the working relationship between the auditor and the company could lead to a switch.
• Independence: Stakeholder confidence in financial statements is built on the auditor’s integrity, competence, objectivity, and independence

Mapping the path to a quality audit that provides great value can help you evaluate your current dynamic.

That may prompt additional reflection about audit quality, with questions such as:

• Does your audit firm disclose the system of quality control it uses to support audit quality?
• Does your audit firm have the resources and geographical reach needed to meet your business’s needs?
• Does your audit firm’s processes help avoid surprises, detect issues early, and complete the audit in a timely manner?
• Does the engagement team have the necessary skills, industry expertise, and resources?
• Does the team use technology and data analytics to identify risks? Does it add valuable human insights to supplement the technology?

The answers are crucial to how your audit supports operational effectiveness and stakeholders’ confidence in your financial statement data. And they may compel you to begin down a new path.

Source: RSM Canada
Used with permission as a member of RSM Canada Alliance
https://rsmcanada.com/insights/services/audit/your-path-to-a-quality-auditor.html

RSM Canada Alliance provides its members with access to resources of RSM Canada Operations ULC, RSM Canada LLP and certain of their affiliates (“RSM Canada”). RSM Canada Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each are separate and independent from RSM Canada. RSM Canada LLP is the Canadian member firm of RSM International, a global network of independent audit, tax and consulting firms. Members of RSM Canada Alliance have access to RSM International resources through RSM Canada but are not member firms of RSM International. Visit rsmcanada.com/aboutus for more information regarding RSM Canada and RSM International. The RSM trademark is used under license by RSM Canada. RSM Canada Alliance products and services are proprietary to RSM Canada.

Fletcher Mudryk LLP is a proud member of RSM Canada Alliance, a premier affiliation of independent accounting and consulting firms across North America. RSM Canada Alliance provides our firm with access to resources of RSM, the leading provider of audit, tax and consulting services focused on the middle market. RSM Canada LLP is a licensed CPA firm and the Canadian member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.

Our membership in RSM Canada Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise, and technical resources.

For more information on how Fletcher Mudryk LLP can assist you, please call us at (780) 539-4110.