Auditing is a critical aspect of any business. With poor auditing, no organization would realize their failing areas, where they are losing money, which areas need adjustment to achieve optimal efficiency, and much more. Understanding how to choose the best audit firms in Kenya makes it easy to save time and ensures you get a reliable partner that will walk the mucky waters of auditing with you.
As one of the best audit firms in Kenya, our expertise in auditing and related services puts us in a pole position to share some of the key secrets to help you pick the best audit partner. And in case you are already looking for an audit partner to drive growth and effectiveness in your company, talk to Taxmart Kenya now.
Also read:
1. 10 Fun Facts about Accounting Most Kenyans Don’t Know
2. How To Choose The Best Accounting Firms In Kenya
3. Explaining The Digital Service Tax (DST)- A Guide For Compliance
What to Look for When Choosing the best audit firms in Kenya
The list below is arranged in no order of importance. All the factors discussed below have equal relevance in the entire process of choosing the best audit firm in Kenya to work with your organization.
#1. The Right Qualifications
This goes without saying. You can’t be a good auditor without proving the same with your papers. The same goes for the organization you’ll use as your adulting partner. You must make sure the company looks good on paper too. And this means digging deep in their profile to look at the people working in the audit department. Look for proof of training and qualifications.
Certain levels of auditing require a higher-level knowledge of auditing that basic training can’t handle. Some of the qualifications that local auditors must possess include having a certified CPA-K standing and a valid trading license from ICPAK.
The more the certifications, qualifications, and international affiliations, the better for you.
#2. A Solid Reputation
Reputation is everything in business. How people feel about an auditing firm in Kenya coupled with past experiences matters a lot. Besides, you don’t want to associate with a firm with a bad reputation in the industry.
Choosing a firm with a well-established reputation iced with demonstrated expertise means your company is getting the best audit services done according to standard and best practices. This also does not disqualify using upcoming firms with good reputations and qualified auditors forming its service team. The critical factor is what level of service you are looking for and if they can handle it.
The nature of a company’s reputation can b assessed from testimonials and feedback from past clients. Look for verifiable letters of recommendation and check for reviews of the company from reputable forums.
#3. Customer Service
Audit can be frustrating if you don’t have a reliable partner whose customer services offer value. An audit partner claiming to be among the best audit firms in Kenya must be able to demonstrate its customer service proposition, allow you to feel comfortable with its processes, people and be responsive to your needs as they arise.
A helpful tip is to ask to be introduced to the people who will be handling your audit queries and needs. Ensure you are comfortable with them, know the team, and ascertain their responsiveness, technical expertise, and quality to customer service. If you feel uncomfortable at all, don’t sign the papers.
#4. One Auditing Firm That Does it All
Auditing has several facets. As one of the best audit firms in Kenya, Taxmart Kenya is experienced in all auditing areas that your company may need. This means that using our services provides a complete team of experts who can handle all your needs.
Having one partner that dos all your auditing saves you money and time negotiating and following up appointments. It makes little sense to hire a different audit firm to conduct Statutory External Audits, another to do Inventory Audits, and another firm to handle Internal Audits and Forensic Audits.
#5. Room for Negotiations
Hiring an audit firm for your business is just like any other business transaction- there needs to be room for negotiations. You’ve got to be sure you are getting the best deal, and it can only be done through productive negotiations. The fees must be competitive, transparent, and of exceptional value considering your needs. Fixed costs may be better, but then it’s important to understand your needs, frequency, etc., before settling on a deal. It’s also important to shop around and review the top audit firms in Kenya.
#6. Experience
An audit is not a walk in the park, and neither is it an armature’s game. If you are going to do your business any good, get experienced auditors. This way, you can be sure your audit reports will reflect your business’s actual standing, delivered on time, and done to the industry’s best standards and practices.
Using experienced audit firms in Kenya also saves you the time required for onboarding. Taxmart Kenya’s auditors have the required industry experience and skill set, which makes onboarding our team a breeze.
Bonus tips: Form an audit committee or team to vet the best audit firms in Kenya before settling down.
Depending on your business’s size, it’s imperative to form a committee to vet and shop for the best audit firm in Kenya that suits your business. The committee should possess the proper knowledge of what to look out for and even how audits are performed. They are also supposed to form an evaluation standard that audit firms in Kenya will be vetted against.
Even if you are on a budget, it’s important to also think of other factors other than price. The above list should provide a benchmark of what to look out for to ensure the best audit firm in Kenya is picked.
Final thoughts
Auditing doesn’t have to be burdensome and painful. Choosing the best audit firms in Kenya relieves the pressure and worries of poor audit reports and compliance issues. Think of the process wholesomely and consider the above factors to pick your auditing partner.
And while at it, talk to Taxmart Kenya for comprehensive, flexible, affordable, and industry-standard services in auditing, tax, accounting, and advisory.