How To Swap Your Business Audit Firm

By Roseanne Blossoms

Organizations decide to change auditors for a number of reasons like audit fees, differences that arise between the firm's employees and audit staff, wrong timing of audit procedures and any disagreements that crop up about accounting principles.

It is by reason of all this that the switching of auditing firms should be done after choosing the right firm. Furthermore, the new auditor must be given sufficient time to perform the firm's auditing procedures.

You could possibly have to make a list of the reasons for your swapping auditors, although this is not legally required. Even if you don't do this, your new auditor will need to know the cause of your giving up on your predecessor auditor. Naturally, you must have a genuine and justified reason.

You next have to list out all the public accounting firms that offer audit services in your community. If needed, you can use the help of the world wide web, the local yellow pages or even the local institute of audit firms.

Opt for local auditors because they have to repeatedly visit your place of business to carry out audits. Check with your selected auditors for suggestions to find out their competence and experience at auditing.

The estimations you obtain from auditors must include expected time and price. Preferably choose audits that are conducted within your due dates, within a realistic time period. While interviewing firms that submit desirable estimates, be sure that you meet the individual handling your audit.

Choose your successor audit firm Singapore depending on your budget, time estimations and comfort levels with the audit firm. Sign an engagement deal with the audit firm in Singapore with all its main terms and deadlines clearly spelled out.

You need to notify your previous auditor about your decision to switch firms as soon as you choose your new auditor. The new auditor usually goes through the previous auditor's working papers for carrying out audits. Though unnecessary, the previous auditor normally obliges out of professional courtesy. All pending fees to your auditor, including any reimbursement for time and expenses for your audit should be paid