Why do good accountants do bad audit?
It’s a question the accounting auditing industry has been striving to answer for years.
In 2002, HBR concluded the problem was the unconscious bias between auditors and clients and how there was an imminent need to robustly separate the auditor and the client to restore the quality of audits.
However, nearly two decades later, the Wall Street Journal reported that UK Audits have fallen to it’s worst standards for the very same reasons – the constant clash between mainting profits or holding onto clients and keeping up with quality in auditing. Clearly, very little has improved in the accounting audit industry and the struggle to lower bias, reduce errors, while boost profits.
The Story Behind Audit Support Services
So, where do we begin solving the problem of quality: the people, the skills or lowering unconscious bias?
We have some good news: QXAS has launched a novel solution powered by outsourcing to counter all of the above and support the accountants and auditors in the UK called “The Audit Support Services.”
QXAS is introducing its skilled and veteran workforce offshore to look after the precision and quality in UK audits without harming the profit stream or putting a strain on the auditor’s time, costs and manpower. In short, some extra eyes and insights into your client’s audits and without the overhead costs or the unconscious bias in producing these reports.
Let’s find out more about how accountants can harness this power of audit support to restore the quality in audits:
Less Tedium, More Precision
There’s a growing demand for pure technical expertise in auditing.
When you outsource your audit, you’re basically outsourcing the precision and the work that goes into it. Our Audit Support Service Team just focuses on auditing and reporting which makes their analysis more in-depth and accurate. Apart from this, they focus all their efforts to ensure that the reporting done is in complete compliance with the legal requirements.
Sometimes it pays to have specialists, over a jack-of-all-trades workforce.
No More Bargaining between Profits and Quality
Offshoring your audits immediately cuts your overhead costs in half while doubling your precision and quality. It gives accountants and auditors a chance into tap into the talent offshore without financially straining their firms.
Moreover, it additional workforce offshore helps firms invite more clients and hence, broadens their revenue streams while simultaneously refining their quality and precision in audits.
How does it lower bias in audits?
The 2002 HBR piece claimed that unconscious or general bias in auditing arises out of the need to retain relationships or profit streams from clients by avoiding to challenging the client’s company accounts. Involving, a third party to look after the audits removes the risk of skewed judgement or harming personal ties and it becomes easier to challenge the accounts of a long-term, paying client.
Catalyzing the Evolution of Auditors
A 2016 ACCA research report on the ‘Future of Audit’ quoted “Audits are not dying yet, but they do need to adapt to the digital age.”
Audit Support Services makes way for accounting firms to upgrade their auditing arms without fluctuations in the quality of audit.
The decision to delegate the “hard” technical skills to an outsourcing partner – frees up more time for the in-house teams to focus on upskilling with “soft” interpersonal skills and added value services – like insights and customizable reports for your clients.
The report claimed that new enterprises and internet companies built on piles of data required auditors to be information specialists, data and statistical experts. In short, a tall order for modern auditors.
With, our brand-new Audit Support Services, QXAS is attempting to change the stereotype of “Good Accountants, Bad Audit.” With our decades of experience in bringing “quality and excellence” to over 500 accounting firms across the globe – we are now striving to make a difference in the audit sector by being a reliable backbone of quality, clarity and precision.
Find out more about Audit Support Services today. We’ve got more Audit Support Updates on the way soon but we’re excited to hear what you think of where we are so far.
Reach out to the Audit Support Team today for a free consultation call or request a call back.
Here’s to a new beginning in Restoring Quality into Audits! 🥂
As the CEO of QXAS UK and USA, Dishant drives the India-based team of 250+ executive team to deliver ad-hoc and dedicated offshoring services for accounting firms.