Auditing is one of the most important parts of any corporate entity. Since there is a difference between the ownership and management of a company form of organization, an audit lends authenticity to the work performed by the management. An audit of the company’s books of accounts assures the shareholders as well as statutory authorities. A company needs to get its books audited under various laws as per the legal limits that are specified. However, to ensure that their books are proper as well as to provide authenticity, the company needs to find the best audit company.
While there exists no exhaustive list for finding the best audit company in India, companies, the following points can be considered while evaluating firms:
- Possesses an experienced team:
The audit is a complex procedure that requires a thorough examination of various matters. An auditor would provide an opinion on whether the books of accounts agree and reflect the true financial position of the company or not. Such an opinion would require an understanding of the industry the company operates in, its operating cycle as well as other fundamental items. An auditor with an experienced team would have the nuance to carry out such transactions with ease. Experienced Auditors such as AKM Global would lend weightage to the opinion and enhance the credibility of one’s financials.
- Exhaustive legal knowledge:
The financials of a company are affected by various laws in question. In India alone laws such as the GST, Income Tax, Customs and Excise affect an individual company. To provide a suitable opinion, an auditor must have sufficient knowledge about the workings of such laws. An auditor who has worked in such fields will be able to not only provide better opinions but also guide the clients in this stead.
- Respected amongst peers:
One of the truest methods to recognize quality is how any person or firm is thought about in their peer group. A consultant or CA Firm which is talked about glowingly by other Chartered Accountants or consultants should rank high in your list for finding an audit firm. Many firms such as Deloitte, AKM Global, KPMG, etc. are spoken about glowingly by their colleagues and peer members and should be considered for best audit company in India.
- Global Recognition:
The globalization of the world has opened up the entire world for many businesses. Many companies have branches across the world or maybe dealing in imports or exports. Such business requires an understanding of international laws and rules as well. The best audit company in India should have such an understanding of global laws as well as global recognition. Such connections will not only empower the consultant but also help the company in its path of international recognition.
- Empowering their clients:
One of the best qualities that a consultant must possess is not the ability to solve every problem but to also empower the client in the art. While an auditor can’t empower the client to audit themselves, they can surely provide them with proper guidance and knowledge. Many companies and firms around the world have their blog wherein they provide knowledge updates that are beneficial to both the general public and their clients. The clients would be able to gain a proper understanding of various laws that affect them and increase their effectiveness. Such a move could see the client scale up on their way to success and growth. Companies such as AKM Global, PWC, KPMG, Deloitte, etc. have their knowledge base and blogs wherein they provide regular updates regarding various recent and important issues.
An auditor is a key stakeholder in a company and should be considered similarly. A credible, knowledgeable and experienced audit company would not only help the client in establishing credibility but may also help them in establishing a base in international countries. The audit should be considered as a part of business activity rather than as compliance that is mandated by the government. An approach akin to the same would enable a company or organization to hire the best audit company for their business. It is said that quality surrounds quality and hiring a proper audit company would be a good reflection on the company itself as well.