The Future of Audit? Outsourcing Audit & Remote Auditing (The dot HQ)
TechnologyFebruary 20, 2023
This is a thought leadership article from the dot HQ, an accountancy outsourcing firm with a focus on a technology-driven approach, on the benefits of outsourcing auditing and carrying this out remotely.
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An effective audit demands a skill set that is diverse and a dedication of significant time and resources. Traditionally, this would be undertaken internally within the firm, but it is now very common for businesses to outsource this to external firms with specific audit skills for higher quality results.
This puts additional pressure on accounting firms who now need to find many highly experienced audit staff to be able to manage this increasing demand and this is where offsite audit or remote auditing can be ground-breaking.
The skills needed for an effective audit have changed significantly and now rely on a greater understanding of audit principles and processes along with IT and systems audit as well as an understanding of industry-specific regulatory details.
Finding auditors who can handle this is a challenge, which is why so many firms are moving towards outsourcing their auditing to external, technically minded, third-party firm of auditors and accountants.
The main benefit of this process is that auditing can be performed remotely (with the right technical knowledge) and this offers firms significant savings in terms of both time and cost.
Outsourcing Auditing: The Benefits
Over the last couple of years, businesses have learned to adapt their day-to-day operations and the ways in which they manage their accounts. Accounting, as an industry, is no different in its adoption of remote working.
With in-person auditing being difficult due to work-from-home orders and new remote working trends, it’s no surprise that so many firms have adapted to use remote auditing both during the pandemic and even as workforces return to their offices.
What Makes Remote Audit Work?
Clear communication is key to ensuring that remote auditing works. To build trust with clients, it’s important that any outsourcing to external firms lives up to the expectations of clients and keeps them in the loop.
Skilled Accountants and Better Utilising Resources
Outsourcing provides firms with access to highly skilled audit staff based all around the world.
The freedom of remote auditing means that better and more efficient workers can be used. This saves a firm resource and provides better services to clients who will gain more positive sentiments towards your company with repeatedly excellent experiences.
Auditing can be extremely stressful for clients so this professionalism can be invaluable when it comes to building those relationships that are so key to continued professional success.
Savings of Time and Money
By outsourcing rather than in house hiring, firms can save substantial amounts of money.
Being able to have high-quality auditors working with clients in a way that can be tailored to the current workload is invaluable. It removes the risks of overworked (or underworked) staff and removes many of the extra expenses that come with hiring highly trained professionals.
Unbiased Audits and Niche Knowledge
An unbiased audit is essential for both compliance and finding new and improved ways to manage finances.
An outsourced firm will offer an expansive view of the industry and provide new ideas that can help businesses to better manage their accounts. An offsite audit can also give your clients access to auditors with niche knowledge of an industry and valuable insights into what is possible when it comes to managing finances in the future.
The dot HQ offers a flexible and innovative resourcing option for accountancy firms looking to scale and make positive changes to their accounting processes. The dot HQ is not only a provider in outsourcing but also a tech developer with proprietary software that enhances the outsourcing process and financial reporting for its users.
dot’s eBook explores several commonly asked questions that crop up frequently in accountancy firms. Click here to get your copy.