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Changing Audit Firms ” Some Helpful Hints

November 22, 2017 | Author: | Posted in Auditing

Businesses opt to change auditors for a number of reasons like audit fees, differences that crop up between the firm’s employees and audit team, inappropriate timing of audit procedures and any kind of disagreements that crop up about accounting principles.

It is because of all this that the swapping of auditing firms should be done after selecting the right firm. Furthermore, the new auditor must be given sufficient time to carry out the firm’s auditing operations.

It is not lawfully required, but it is generally better to make a list of your reasons for swapping auditors. If you don’t do that, your auditor still wants to know why you intend to leave and change auditors. It is natural that your brand new auditor will be expecting genuine and valid reasons.

The next move to make is make a list of all the public accounting organizations in your community that offer audit services. You possibly can use the help of the yellow pages, internet and your community institute of audit companies.

With auditors making repeated trips to your place of business for undertaking audits, its better if your selected auditor is a local one. To learn more about the auditor’s proficiency and experience at auditing, you should check your selected auditor’s references.

The estimates you obtain from auditors must include estimated time and also price. Ideally choose audits that are conducted within your due dates, within a reasonable period. While interviewing firms that submit attractive estimates, do not forget to meet the individual managing your audit.

Choose your successor audit firm Singapore depending on your budget, time estimates and comfort degrees with the audit firm. Sign an engagement agreement with the audit firm in Singapore with all its key terms and deadlines clearly spelled out.

On selecting your new auditor, notify your previous auditor about your option to change companies. The new auditor will most likely review the existing auditor’s working documents to carry out an audit. Although this may not be necessary, the old auditor normally shows it because of professional courtesy. You need to pay off any pending charges to your old auditor, including reimbursement for time as well as money spent for your audit.

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