Benefits of Engaging a Professional Accounting Firm

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Benefits of Engaging a Professional Accounting Firm

Post by bilalmunsif » Mon Apr 27, 2020 9:07 am

Recently, I was having a discussion with one of my business students about the audit quality of companies digests, especially for SME's. He mentioned a case where the company had submitted an item for a standard commercial price review and had been subjected to a lot of "rogue auditing" by one of the public interest entities. In other words, there were several auditors from a competing accounting firm that had decided to audit the company due to a competitive bid.
This example illustrated the potential for conflicts of interest that can come from choosing an inappropriate firm to perform an audit on your company. The audit quality decision was based on an information entry that was completely wrong in one regard or another. Subsequent to that decision, the auditor had recommended that the company should obtain further information in regard to the item and did not inform the company that they had made an error in their submission. Had the audit quality assessment been for a regular review of that same information entry, there would have been a different opinion about the items that had been submitted, and the audit might have been delayed in its completion.
In light of the fact that companiesdigest is not intended to be used as an independent source of audit quality information, I suggested that we create a guest post for someone who had experience in an area where the company Digests are performed. If you are an accountant and have experience with guest post opportunities within companiesdigest, I invite you to contact me. If not, I know of at least one accountant who might be interested in writing a guest post on this topic. (I do not represent any company but am simply providing information on an interesting topic.)
One benefit of having a guest post is that it will allow someone who has experience in an area where the company Digests is conducting to provide candid advice to the companies Digests. Another benefit is that this experience will be helpful to anyone considering working with the accounting firm in the future. A third benefit is that, by having a guest post, other people will see your name and contact information. This can help to build a network of professionals who can be of great benefit to your business if you ever need their services. In light of the fact that many of my clients have engaged the services of an accountant after reading an article on a guest post, I feel obligated to mention that there is a connection between readers of a guest post and those who will engage with an accountant.
When I was doing research for this article, I found that the top five articles in this section of the CompaniesDigest blog were all written by accountants. Most of the articles mentioned the audit quality of the company. One article mentioned a specific way to optimize an IRS audit for maximum savings. A third article provided tips for an individual to prepare for an audit. And, a fourth article talked about the importance of a good PQQ.
What I would like to draw your attention to in this article, are the benefits to an accountant and a company from engaging in the services of a professional CPA. The first benefit is that the accountant can provide you with a valuable perspective on your company's audit process. In most cases, it is the accountant who will conduct the actual internal audit of a company. When a company does not engage an accountant to conduct an internal audit, the company is taking a risk that the accountant may review accounting records that are confidential.
The second benefit, as described in the previous paragraph is that the accountant has inside knowledge of the accounting procedures of a company. A third benefit relates to a company's ability to receive advice from an accountant that will be helpful in improving the audit quality of the company. Finally, an experienced accountant can assist a client with preparation for an audit. If the accountant does not have inside knowledge of the accounting practices of a company, the potential benefits from engaging the services of an accountant go even further. If the company needs advice concerning the timeliness of payments, for example, the accountant may be able to provide advice to ensure that the timeliness of payments is made.
In conclusion, it is important for a company to engage the services of a professional accountant, especially if its financial statements are relatively complex. The third benefit provides companies with a safeguard against accounting fraud, which currently is not uncommon. Finally, the fourth benefit offers companies access to a knowledgeable professional accountant that will help them achieve their goals. As many businesses grow, it is often necessary to review and make changes to the way they operate. By using a professional accountant that is experienced and well versed in the current requirements of a client, the company is taking on a reliable resource that will aid in achieving its goals.

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Re: Benefits of Engaging a Professional Accounting Firm

Post by cabinerbai » Tue Jun 15, 2021 4:43 am

Why not? It's interesting subject.

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