INTRODUCTION

Auditing is reviewing and reporting on an organization’s financial transactions. It provides an independent assessment of accounting records to make sure they are accurate and reliable, per accounting principles accepted in Nigeria. Auditors, globally, and in Nigeria, review internal controls, assess risk, and ensure compliance with laws and regulations, which helps organizations reduce business risks. Choosing an auditor for your business is a very important decision. If you choose the wrong auditor, it could devastate your company. It is better to take your time and make sure that you are making the right choice. We should consider several things when aiming at choosing the right auditors in Nigeria. The following will give you some tips on how to choose the right auditor for your company.

1. YEARS OF PRACTICE EXPERIENCE IS A CRITICAL FACTOR WHEN CHOOSING AN AUDITOR IN NIGERIA.

Auditors need to be very experienced. Therefore, years of practice experience is a critical factor when selecting an auditor in Nigeria. This is because the more and the longer an auditor (or an audit firm) has been practicing, the better equipped he or she (or the firm) could handle diversity.

Another factor is that the auditor should have experience with your type of business. If the auditor has experience dealing with your type of business, then they will understand how it operates and which problems can arise. This makes the job easy and also results in efficiency and effectiveness. Therefore, when you are on the lookout for an auditor, let years of practice experience of the would-be auditor/audit firm be one of your guiding tenets when aiming at choosing the right auditors for business in Nigeria.

 2. THE CLIENT PROFILE OF THE AUDITOR YOU SELECT IS ALSO IMPORTANT.

You definitely would not want to end up choosing an audit firm that does not have a rich client base. Apart from having a good number of clients, you should also choose audit firms that have audited high-profile and standards-compliant companies. This will at least give a bit of an assurance that the selected audit firm might not want to cut corners.

3. CHOOSE AN AUDIT FIRM WITH KEY PERSONNEL WITH HIGH PEDIGREES.

An audit firm whose personnel are highly qualified, and professional would give you some levels of comfort. Personnel of the audit firm should be active members of professional bodies such as ICAN, ACCA. With this, such auditors would want to adhere to ethical and professional standards as laid down by the professional bodies and also, regulatory agencies.

4. THE METHODOLOGY BEING ADOPTED BY THE FIRM IS ALSO A FACTOR TO CONSIDER WHEN SELECTING AUDITORS IN NIGERIA.

In an audit, there are different methodologies. For instance, some auditors would want to take their time to understand your business, controls, etc. Therefore, the audit, in this case, takes a longer period. Other firms might use different approaches. Be guided by this while selecting an auditor.

5. TECHNICAL COMPETENCE AND RICH KNOWLEDGE BASE.

An auditor/audit firm must show high technical skills in using industry-standard software. The individual or the firm must also have a very rich knowledge base as far as current standard practices are, globally (at least, they should be IFRS-compliant).

Therefore, do thorough research if you aim at choosing the right auditor for your business in Nigeria.

CONCLUSION

There are many things to consider when choosing an auditor for your business. Whether you have an established business or are starting up, it’s important to choose the right one. A good auditor will help you save time and money while keeping your finances in order and making sure everything works smoothly.

When you want a good auditor in Nigeria, these five tips may help ensure that you hire a professional who is qualified. We hope this article has been helpful! In case you have questions or opinions about this article, please let us know by commenting in the comments section below. Do stay tuned for more educative insights on more business topical issues. If there is anything else, we can do for you, email us at: talktous@parlanceps.com. If you prefer, you may call us on 0806-917-5860. Thanks for reading!