Q: How would the relationship usually work if we remained as statutory auditor?
A: Independent Auditors (IA) would take on as much or as little as you requested. This may just be completion of the planning process and tailoring of the work programmes, or can also include 'manager' review and preparation of completion documents, and whatever advice you require throughout the audit process. The key being that you are responsible for the audit opinion, and can involve us at whichever stages you require.
Q: How would the relationship usually work if Independent Auditors were to sign-off as statutory auditor?
A: IA would complete the planning process, and would usually undertake the audit fieldwork also. This would be done with as little disruption as possible to the client, and we would make it clear that the work was being performed as arranged by yourselves. The file would be completed by us and signed off by us as the statutory auditor. With IA responsible for the audit opinion, it is in our interest to complete the fieldwork ourselves for obvious reasons. In certain circumstances it is possible for the fieldwork to be arranged to be done by yourselves.
Q: What will it cost, and how will we benefit?
A: We offer an extremely efficient & specialist service, and are confident that the quality and value we offer will be difficult to beat. Also if audit is becoming an increasingly difficult burden, we can free up time for you to concentrate on your 'core' services. The more information you make available to us, the lower the cost could be.
Q: What would we need to provide?
A: A detailed of list of audit file 'deliverables' would be provided to you in advance. The more that you can provide to us, the more efficiently we can complete the assignment.
Q: How do I know you wouldn't try to take our business?
A: We would never attempt to operate in this way, we would be looking for a long-term relationship with your firm, which benefitted both parties. Engagement terms would confirm that we would in no way attempt to take any fees, except for the initial audit engagement.
Registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales.