4. Recruit knowledgeable personnel
Audit fees will be reduced by including well-trained business personnel in the audit. It’s much safer that the team has auditing experience; this would ensure that the audit goes well and that the audit fee is lower.
5. Auditor queries are responded to quickly
To finish the job on schedule, an inspector must work as quickly as possible. This is one area where the corporation and its auditor are concerned with the same thing. The auditor, like the firm, is eager to complete the audit. When an auditor’s work is stalled as he or she waits for a few questions to be resolved or insufficient paperwork to be dealt with, it’s aggravating. Quick answers to auditor requests help to create confidence, while lengthy delays in receiving requested materials and paperwork can make an auditor who is already suspicious become even more suspicious. It would save time if the customer responds quickly and the job is done quickly, and the audit fee will be minimized as well.
6. Auditors have access to information
The proper approach to deal with a controversial accounting matter is for the CFO and controller to alert the auditor to any irregular or questionable accounting treatment early in the audit. They will then address and overcome the problem as a group. If financial officers respond specifically to the auditor’s concerns, rather than attempting to conceal anything or obscure the topic, the customer is more likely to receive equal treatment.