Auditor transition made easy at Accru Melbourne
Choosing the right External Auditor for your organisation can be a difficult task and often requires selective screening. One of the reasons for the importance of screening is the fact that once selected, moving away from your auditor can be an even harder task than choosing the right one in the first place.
Some of the obstacles in transitioning away from your external auditor includes:
- Transmission of knowledge of the business to the new auditor which can be time consuming
- Building rapport between the audit team and management, especially, the finance team
- Transfer and set up of financial data for the new auditor’s file
- Notifying the regulators and complying with the mandated procedures
At Accru Melbourne, we pride ourselves on our ability to make this transition seamless. We understand the obstacles and pain points in transitioning away from your external auditor and take the following steps to assist in the transition:
- Assisting management in the preparation of appropriate forms, where necessary, to file with the regulators advising of the change in auditor.
- Contacting the departing auditor through an ethical clearance letter.
- Organising an audit file review with the departing auditor, where considered necessary, to obtain assurance over the opening balances.
- Setting up Cloud portal logins for our clients to assist in the exchange of data.
- Setting up an audit file and preparing the necessary documents such as engagement letter.
- Obtaining the opening trial balance to import into our audit software to allow early planning for the upcoming audit engagement.
- Remain in regular contact with our clients to address any queries or questions they may have in relation to the upcoming audit engagement including financial reporting technical matters.
- Organisation of a planning meeting between key management and finance personnel in which the Audit Director and Audit Manager ensure the audit process runs smoothly with no surprises.
The above steps ensure that the transition causes minimal disruptions to our clients’ operations and the finance team.