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First thing is to get someone who is qualified and is registered as an auditor. You’ll also have to consider industry experience especially for the kind of audit you’ll like to have on your company or organization. Reputation is also another thing to consider and you can look up reviews if you’re hiring through an audit firm. The use of technology is important especially in this era and an auditor needs to be able to put available technology into good use to get the best results. Don’t forget to go for someone whose fees are within your budget and will not have you going way above what you plan to spend. Lastly, they should be able to provide ongoing support in cases where decisions need to be made after the audit and if there will be anything to be considered to help the company improve the state of its finances.
The cost of hiring an auditor depends on the type of auditor, type of audit, scope of the audit, size of the company, the state of the company’s financial records, and preferred mode of payment. Some auditors charge per hour while others take stipulated agreed fees. The average cost per hour to hire an auditor is $160 while for a stipulated fee, the amount goes up to about $2000 or more depending on any of the factors stated above.
There are certain qualities that a good auditor must possess when you’re looking to hire one
and one of them is integrity. Dealing with financial records can be a bit tricky especially if you find flaws. A good auditor should be able to state all the things discovered during the audit whether good or bad. They must also be good with data and since they’ll be working with a couple of people either in the accounting department or generally in the company or organization, then they’ll need to be effective communicators and team-oriented. Also, they must be good with technology and be able to come up with innovative ideas or solutions when there are potential risks in view.
The three types of audits include internal audit, external audit, and internal revenue service audit. For internal audit, the audit is performed by an auditor who is employed by the company or organization and then the report is then forwarded to the management of the company for review. The auditor, in this case, is in-house and works to examine the financial records of the company.
For an External Audit, the audit is performed by an external auditor or rather an auditor from outside the company. External audits are usually more honest and are void of any kind of bias since the auditor is not an employee and is reporting without the fear of the review affecting working relationships in the company.
The Internal Revenue Service audit is simply the kind of audit performed by the internal revenue service to check out the accuracy of a taxpayer’s transactions.
An auditor is a professional who reviews a company’s or organization’s accounts to ensure the contents or financial information are being recorded properly and being accounted for while also making sure of the legality of the financial documents. Auditors simply perform audits on different kinds of organizations to check the validity and make sure that their books of accounts are well recorded and processed. They work in the accounting department of an organization and provide services ranging from checking financial incoming and outgoing, advising on certain things related to the financial records, and also providing solutions to potential risks.