CPA firms worldwide are going through some of the most challenging times of their existence. That’s not to say that there ever were calm waters for the CPA firms. The challenges were always there and will always be there. The recent times though have been a tad too turbulent for the CPA fraternity. From frequently changing regulatory and compliance policies to the seemingly never-ending wave of the great resignation, a new “normal,” and now apparently the looming recession. The problems don’t seem to be ending for the CPA firms.
The good news here is that there is a collective solution to all those problems. And that solution is – Outsourcing. Whether you are meeting the peak season volumes or looking to scale your CPA service portfolio by adding audit services, outsourcing is a sure and relatively effective way. And that brings us to our main topic in outsourced audit support services and why your CPA firm needs one. So, let’s talk about outsourced audit support service.
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What are Outsourced Audit Support Services?
An outsourced audit support service is a comprehensive suite of services offered to CPA firms through timely support and necessary guidance by expert auditors from the outsourcing audit service provider.
Outsourcing audit support services has emerged as a great alternative to the growing demand for professional assistance. CPA firms in the UK and worldwide are actively looking to scale their business by adding audit services to their portfolio. In addition to their existing suite of service offerings in accounting and bookkeeping. The best thing about outsourced audit support services is that you can build an in-house team of auditors or deploy numerous auditing software to meet the business needs. You can opt for a reliable outsourcing audit service provider, they can fulfill your business need with absolute accuracy, minimum risk, and zero error accounting system.
There are many benefits of an outsourced audit support services, and depending upon your business, there might be some exclusive ones applicable only to your business. However, to do complete justice to the topic and help CPA firms struggling to decide on outsourcing audit services, here we have listed a few reasons that justify why as a CPA firm, you must have an outsourcing audit service partner.
Benefits of Outsourced Audit Support Services for CPA Firms
Outsourced Audit Support Service – One Less Thing to Worry About
CPAs are constantly juggling between meeting client requirements and everyday mundane tasks, leaving them with little to no time to focus on business growth and growing the revenue stream, which ideally should be their core focus. Add auditing to that already full roster, and you are looking at an accounting nightmare in reality. Considering how time-consuming and tedious auditing as a process is, it is best that you keep it off your plate as long as you can. And thus, outsourced audit support services. They take it off your plate and handle it with utmost care and affection, allowing you to focus on your core business focus while meeting all your auditing requirements.
1. Superior Quality Audit Work
Modern outsourcing audit service providers have professional and seasoned auditors offering audit support services for CPA firms, which means you can rest assured of the quality of the work provided. As an added precaution, you can always hire an outsourcing audit service provider who is ISO certified. This will ensure that the work they deliver meets the highest accuracy requirements, which these service providers are well aware of as they consistently deal with auditing work for financial organizations of all sizes.
2. All Your Accounting Needs Under One Roof
The outsourcing audit support service providers offer a wide array of accounting and bookkeeping services to their clients. If you are looking to scale your business operations by easing off some load from your existing staff, outsourcing your audit services along with some more accounting and bookkeeping services is an excellent way of doing so. Some of the benefits you can get from these outsourcing audit service providers include the likes of reconciliation services, preparing financial statements, preparing schedules and reports, detailed scrutiny of the accounting ledger, etc. This will also allow your clients to reach out to you for other services, including audit services, without looking elsewhere.
3. Comprehensive Audit Support Service
The audit support service partner for modern CPAs offers end-to-end audit support through their expert team of audits covering every aspect of auditing comprehensively. From the answer the audit-related queries of the clients to creating electronic versions of the traditional audit files to checking accounts for proper compliance, the audit support service providers help you with all your audit service needs.
List of some of the audit-related services you get include –
- Planning the Audit Support steps with your Audit team for a comprehensive Pre-Audit assessment
- Detailed scrutiny of every accounting ledger before the audit
- Detailed analysis and providing solutions at each point, mentioned by auditors in their audit checklist
- Preparing the financial statements along with all schedules and grouping as per applicable accounting standards
- Preparing schedules and reports in the format given by auditors
- Performing casting procedures on accounts
- Check accounts for their compliance with the relevant accounting standards
- Identifying the required supporting documents
- Resolving all the technical queries to the best of the abilities
4. Flexible Operating Model
This is one of the benefits you will not get with your in-house auditing team. When you hire an outsourced audit service support provider, you have the freedom to reduce the working hours of hired auditors when the workload is on the comparatively lighter side. Outsourcing audit service providers offer flexible payment options, which allows you to redefine your contracts based upon the requirements and thus negotiate the payment terms as well.
Wrap-up
Partnering with an outsourced audit service provider requires due diligence from the CPA firms right from the beginning. From outlining the business needs and volume of work to the desired services you expect from the service provider, you must have them all readily available. You also need to ensure the outsourcing partner you are looking at has expertise in audit, accounting, and bookkeeping services with professional and trained accountants working for them. Furthermore, you need to make sure that they comply with all the local and international data governance, accounting, and other authority guidelines to ensure that your data and the work are in safe hands. They should also have a robust technology infrastructure and the expertise necessary to work on all the latest finance and accounting software as and when needed.
You can verify all that by glancing at the service track record of the service provider you are thinking of partnering with or have shortlisted. We at Datamatics Business Solutions are one of the leading expert and certified finance and accounting service providers offering outsourced audit support services to our CPA clients in the UK and worldwide. Should you like to explore more on our audit services of finance and accounting services in general, write to us at: [email protected], and we will connect you with our accounting experts to curate a comprehensive suite of offerings best matched to your business needs.
