How to cut your audit costs
Posted by info | Under External AuditThough it seems hard to implement - it is easy. So, today - few tips to decrease your audit costs. Do not expect dramatic decrease, but take into account, that even small decrease in dramatic audit bill could be a serious win. External auditors, please do not read as it would frustrate you 
1) Get the audit plan. There is always something, that supports agreed audit fee. Usually it is addendum to the contract, which lists general activities. Have it on your hands and it would necessary give you a hint on where to save.
2) Track all time “on-a-client”. They are here, in your office. So why not to use this chance to monitor what they are doing, how long, with whom. It would ease your (or your boss) bargaining process.
3) Pre-arrange all meeting. Insist on pre-arranging meetings. Get detailed workplan from senior and arrange all meetings for first week (if you are large - extend up to two weeks). Usually it is sufficient time to understand your processes well enough to make conclusions.
4) Follow PBC list. No, not on twitter. Have PBC list in advance and ensure, that all requests reached process owners as soon as possible and they started to work on them on the same day.
5) Manage them!. Yes, external audit team has their own seniors and managers. Why not to manage them? Be straightforward and don’t be pushy and you’ll make things go faster.
6) Work hard throughout the year. Don’t be surprised. Based on quality of your work they make risk assessment and extent of time-consuming detailed testing required. So, better you work, faster you pass.