Set Your Sights on Audit Season Success

So you’re all ready to take care of business in the field. That’s good. Don’t forget, though, that there are always steps you can take to refine your audit process for the better. That’s why we’ve created a series of videos to lead you right to some audit fieldwork tips that will help you make the most of your time in the field – both during busy season and year-round.

I’m sure you’d agree that quality audits begin with quality fieldwork. The key, though, is to stay ahead of the tidal wave of work in front of you while simultaneously figuring out how to make the very most out of each day you spend in the field. Implementing some audit fieldwork tips will help you with that. Here’s an example – add value or become a commodity. That may seem obvious enough, although if everyone was already doing it then it wouldn’t be an issue. So here’s the detail behind this tip that you need to know so that when you implement this tip your audit process will be even better.

Unless you are providing insights that benefit your clients, your services will simply become a commodity to them – and commodities tend to be purchased based on lowest price. Any firm can crunch numbers. But simply going through the motions is not good enough to ensure your client will stay with you. Unacceptable work is replaceable and will invite price-based competition with other firms. In order to position yourself in your clients’ eyes as deserving a high-value rate you need to offer a high-value service, and value comes from knowing your client as a business … and as an individual. According to Harvard Business Review, improving client retention by 5% increases profit by 25% or more. It’s your ability to add value that separates you from the competition, giving your clients a reason to come back to you year over year. Don’t let your services become a commodity. Look for ways to add value in everything you do.

It’s important to keep an open mind because there are always ways to refine your audit process. Successful audits start strong so you should approach each one prepared to set the tone for the rest of the audit, building momentum you can carry into day two and throughout the entire audit engagement. Ready to learn more tips?

Check out these short videos, Audit Fieldwork Tips, and good luck in the field!

AUTHOR

Wendy Grice

Product Marketing Manager at Wolters Kluwer Tax & Accounting

All stories by: Wendy Grice

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