Find an Auditor that Meet your Needs - Criteria to Pay Attention to

Each business is different. So are the audit and assurance firms! 

Getting the right match can be very challenging that is why we have created FinHub.  

So how do you achieve the perfect match?

It does not matter if you are Coca Cola or a street sole trader. You must be able to identify which type of audit and assurance firm best suits your needs and organization's profile.  

We analyse what you should consider before choosing the right audit and assurance firm for your needs below:

• Expertise 

Irrespective of whether you run a coffee shop or bank both businesses have their own peculiarities and demands. These are the specific expertise your auditor and accountant must know in order to be able to add value to your organization.  

Before choosing an audit and assurance firm seek assurances that they have served similar clients to yours. Discuss freely with them your concerns to get an understanding of how deep their knowledge is. 

Go through their website and articles and assess whether they have sufficient coverage of your sector. 

• Audit Budget; does it matter? 

It matters because the lower the budget for the audit, the smaller the number and size of the audit firms willing to undertake the assignment.

This is because as we explained above the bigger the audit firm, the higher its overheads. This is why size matters, as smaller companies and sole traders should be seeking to obtain quotations from smaller audit firms which can meet their budget needs. 

FinHub.Com.Cy is a marketplace that does just that; finding the right auditors for the right companies and organizations. 

If you are uncertain of how much your statutory compliance work should / would cost you there are 3 ways of figger it out; 

• Discuss it with your peers or competitors 

• Get an instant accurate quotation on FinHub.Com.Cy (without need of calling…) 

• Call several audit firms that are compatible to your size and arrange a meeting to go through all of your needs. 

 • Price vs value; dont choose the cheapest service provider

The audit contract should be awarded on the basis of the most economically advantageous offer, not the lowest price. You should aim to add value to your firm during this statutory requirement and this is rarely achieved when the audit fees are low. Having selected a reputable audit and assurance firm would suggest that during their audit as part of their testing several deficiencies in your internal control systems and financial statements may be identified something extremely valuable.

This is why we have created FinHub for you. A platform created by Auditors for business owners.

A platform that matches the appropriate auditors to their preferred clientele and vise versa. You simply select your needs and within less than 60 seconds you sent your enquiry out to our network of lisenced auditors in Cyprus. You will receive an accurate quotations in your inbox at the timframe you have specified. 

Why Finhub is different from any other quotation platform? 

• Was created by Auditors and Business Consultants

• It aims to safe the business owners time 

• Saves you effort, time and energy as all is done electronically; smart accountancy!

Matters to consider when selecting an auditor:

Besides the man criteria analyzed above (Specialization, Size, Fee Range, Location) there are other more detailed selection criteria the organization should also consider before selecting its auditor: 

• Determining the needs of your company 

Whether regulatory, internal control procedures or other, such needs must be properly be defined 

• Determining what the company aims to achieve besides the statutory requirement for an audit. 

•  Assessing the independence of the Auditor. 

Is the auditor biased towards or against the firm.

Does it also work for a competitor, this could be a good thing or a bad thing? 

• Approach of the audit firm towards their clients business and operations 

• Audit approach, audit planning and methodology to be used for the contact of the audit 

• Identify and discuss with the audit partner the areas of emphasis for the audit 

Perceived risk and problematic areas

• Understand the approach of the audit firm towards your business specific needs and “tricks” 

• Reputation of the audit firm, its engagement partner and if feasible the audit team.  

References should be obtained. 

• Obtain the credentials of the audit partner and his team 

• Personal skills and characteristics of the auditor who should not only be competent professionally but also have the interpersonal, soft skills to get along with your management team.  

• A positive attitude, creativity, problem solving should always be welcomed. 

Convinced? Get a quote from us!