Solutions
Audit processing
Our Auditing Outsource Service
If you run an accountancy practice and would like to take on more audit work without increasing the size of your permanent team, outsourcing audit processing is the ideal solution.
Your qualified auditors act as audit principles, directing the work and signing off the final audit report.
Our team, meanwhile, takes on the routine number crunching and paperwork, working to your timetable and applying the audit tests you’ve specified. It’s like gaining an army of knowledgeable audit trainees with the added bonus that you don’t have to spend time and energy training them.
All of this means you’ll be able to free up time so that your most valuable audit specialists can focus on strategic work and client management, and handle more clients overall.
With the extra capacity our business has continued to grow. We spend less time moving figures around and more time ensuring our customers really understand the accounts to make a difference in their business. We’ve been working with Diamond outsourcing for 2 years now and I have continued to recommend them to my peers.
— Sole practitioner, Oxfordshire
Four easy steps
Our process is straightforward and transparent
step one
Initiation
Our UK management team will work with you to set up goals and processes – who is responsible for what and how it will work in practice.
step two
Handover
We'll brief the overseas audit team and get you connected. You'll manage them directly but can call on us whenever you need to.
step three
Processing
The audit processing team will work through the tasks you set them, from reviewing accounts to running audit tests.
step four
Results review
They'll present outputs on the agreed schedule and we'll check in with you to confirm you're happy with the results.
Audit Outsourcing Guide
Outsourcing Audit Processing
Outsourcing audit processing has many advantages. Firstly it saves costs. In-house audits cost resources like staff and training, whereas outsourcing is a fixed fee. Secondly it’s more accurate. External auditors bring specialist skills and experience, take the risk assessment and audit planning, so the audits are thorough and precise. Thirdly it frees up internal resources. Companies can focus on core activities while external experts do the auditing. The audit team is key to good audits.
Plus outsourcing ensures compliance. External auditors are up to date with regulatory changes, so the risk of non compliance is reduced. They also bring an objective view, identifying areas for improvement that in-house teams might miss because of familiarity. Dedicated resources for processing audit working papers means thorough and precise audits.
Outsourcers use the latest technology for processing. They have the advanced audit tools and software that would be too expensive for individual companies to buy. Access to technology means better and faster audits. Good disclosure is key in audits and outsourcing helps achieve that by using trained, qualified and experienced resources.
Customised outsourced audit services means the provider will tailor their services to your business. They will fit their services to your needs so you get relevant and focused audit outcomes.
Lastly outsourcing enables continuous improvement. Regular unbiased audits helps businesses develop better processes and controls over time, reduces errors and missed deadlines and overall operational efficiency.
Benefits of Audit Outsourcing
Outsourcing audits has many tangible benefits that can improve your business and compliance. Internal audits is key to providing assurance on the management of risks associated with outsourced services.
Outsourcing can also provide assurance on high risk areas and help senior management achieve their strategic objectives.
Cost Savings
Outsourcing audits saves costs by not having to have full time internal audit staff. Businesses save on salaries, benefits and training costs. According to Deloitte companies can reduce audit costs by up to 30% by outsourcing.
More Accurate
Outsourcers bring specialist skills. External auditors often find discrepancies that internal auditors miss, so more precise and thorough audits.
Free Internal Audit Resources
Internal teams can focus on core activities when audits are outsourced. This frees up the business to leverage internal strengths and capabilities.
Compliance
Outsource partners are up to date with regulatory changes. They help businesses keep up with industry standards. The Institute of Internal Auditors says external auditors have a broader view of compliance requirements across industries.
Access to Technology
Audit firms use advanced audit software. These technologies streamline the audit process and reduce errors. PwC says AI and machine learning in audits improves data analysis and anomaly detection.
Customised
Outsourcers offer bespoke audit services. They will align audits to your business needs whether financial audit, operational review or compliance check.
Continuous Improvement
Third party audits promotes continuous improvement. Independent reviews provides insights that drives operational improvements and regulatory compliance. So the business gets unbiased opinions and recommendations.
Outsourcing audits is a smart decision that saves time, gets accuracy and compliance at a lower cost.
Audit Expert and Experience
Our team consists of experienced auditors with industry expertise. We use this expertise to provide customised audit solutions to your business needs. Each auditor undergoes intensive training to keep up with regulatory changes so our services are always current and relevant. Examples are compliance audits, internal controls reviews and risk assessments.
Technology
We use cutting edge audit tools to get accuracy and efficiency. These tools allows us to analyse large data sets fast, identify anomalies and provide detailed insights. Machine learning algorithms, data analytics and automated reporting tools are part of our technology arsenal. This advanced approach means our audits are thorough and precise.
Customised Service
Every business is different so we offer customised audit solutions to your business needs. Whether you need a full financial audit, compliance audit or a special review, we will tailor our services to your requirements. By understanding your business context we will make the audit process smooth and effective.
Continuous Improvement
We promote continuous improvement through regular unbiased reviews. Our auditors will provide practical recommendations to help you improve your business. Examples are process optimisation, risk mitigation strategies and internal control enhancements. This ongoing support helps you stay competitive and compliant.
Internal Resource Utilisation
By outsourcing your audit to us you can free up internal resources to focus on core activities. Our streamlined process will not disrupt your daily operations so your team can focus on strategic goals. This means more productivity and business as usual.
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