The UK auditing industry has grown to be one of the most discussed and sought-after industries by accountants over the last few years. Currently on the edge of uncertainty, the world is curious to know which direction the industry will head in the coming years.

Although the appalling scandals and audit failures by the Big Four shook the world, the UK government has been planning stringent steps to contain and reverse the damage. This has indirectly led to new opportunities for smaller players in the accounting world to enter the audit market and grow their practice.

With this development, the scope of Outsourcing Audit  Services has massively increased. Accountants in the UK are now resorting to outsourcing audit services to trusted outsourcing firms to help resolve their staffing issues and add a new service to their portfolio.

With an increase in demand, the number of accounting outsourcing companies providing professional audit support to clients has also increased. But does audit support solve all of accountants’ problems?

Let’s put the service under the scanner and understand the pros and cons of professional audit support and preparation services for accountants.

PROS OF AUDIT SUPPORT SERVICES

Access to a vast talent pool

One of the most significant benefits of outsourcing professional audit support is that it provides accountants access to a vast talent pool. This is crucial for accountants, especially smaller accountancy firms, as the industry fights severe talent shortages.

The staffing crisis, coupled with the Great Resignation, has made it challenging for accountants to find skilled resources to add to their team. Amidst this challenge, adding a new service to one’s offerings is unfathomable.

Outsourcing professional audit support services UK lets accountants hire resources from around the world at competitive salaries. Moreover, these resources are not only highly experienced and skilled but are extensively trained in the UK accounting and auditing legislation.

Working as an extension of your team, outsourced auditors can help accountants make a successful entry into the auditing industry and grow their firm.

Capacity building

A recent Skills Shortage Report brought to light that accounting firms in the UK are understaffed by 22%. Naturally, accountants are swamped with work and barely have time to focus on new, value-based services.

For accountants struggling with capacity building, outsourcing is the quickest and most effective solution. Outsourcing accounting audit support allows accountants to build a capable team in a short span and delegate the cumbersome auditing tasks to them.

In the meantime, your team can focus on skill-building, self-development, or exploring advisory and other value-based services.

Access to the latest technology

Another major advantage of outsourcing audit support services is quick and easy access to the latest technology. The world of accounting and auditing is changing. Clients now expect greater productivity, efficiency, and complimentary support from auditors beyond the usual compliance part of auditing. To achieve this, the role of technology is crucial.

Top audit outsourcing companies hire skilled auditors that are certified and experienced in working on the latest auditing software. Several companies also have tie-ups with leading auditing software providers that can make the complex auditing job simpler and hassle-free.

Since smaller accountancy practices have a limited budget to spend on the latest technology, outsourcing professional audit support can be highly effective. With outsourcing, you can easily switch to the newest auditing software without the hassle of training and managing your in-house staff.

Cost savings

Cost savings is the most popular benefit of outsourcing. Since outsourcing external audit helps accountants save on labour and operational costs, many accounting firms prefer to outsource their audits offshore.

In addition, by outsourcing professional audit support services, accountants can make their processes more efficient and hassle-free, facilitating higher cost savings in the long run.

CONS OF AUDIT SUPPORT SERVICES

Inconsistent communication

Alongside the pros, outsourcing professional audit support also has some cons, and communication is one of them. When you outsource your accounting audit process to a third-party service provider, it often creates a complex communication channel.

Accountants sometimes face challenges coordinating with their offshore teams owing to time differences. Some accountants also face issues communicating clients’ last-minute changes or developments to their offshore team, leading to inconsistencies and miscommunication.

Potential risks

The current state of the UK auditing industry is a result of the shocking audit failures by trusted audit giants. Following the corporate scandals that took the world by storm. There has been an atmosphere of doubt and mistrust among corporations and accountants alike.

Since outsourcing audit support and preparation services delegates the auditing job to professionals outside their firm. Often beyond borders, accountants are skeptical about the risks involved. After all, the slightest oversight in the job can break a firm’s reputation.

Moreover, since outsourcing involves transferring critical financial data to third-party servers, there is also a risk of data leaks and misuse.

THE TEDIUM OF FINDING THE RIGHT OUTSOURCING PARTNER

As mentioned earlier, outsourcing audit support services involves several risks. Although hiring external help can benefit your firmpen a new revenue stream for your practice. Its success hugely depends on your outsourcing partner.

Therefore, finding the right outsourcing provider to partner with is crucial. However, it is not always an easy process.

There are several accounting and auditing outsourcing providers out there that claim to be the best in the industry. However, the right partner for your firm is one that understands your concerns and aligns its services around your goals.

The process of finding the right outsourcing firm providing customised audit support services UK is tedious and time-intensive, making it one of the most significant cons of outsourcing.

STRIKE A BALANCE

Outsourcing your external audit process can be cumbersome but rewarding. While there are more pros than cons, the latter cannot be overlooked. However, they can easily be avoided by partnering with the right outsourcing firm.

When looking for a suitable audit support services provider, take your time to research well. Read their reviews and testimonials, look them up on social media, and speak to your peers and colleagues. Gather as much information as possible and ask all the relevant questions.

Remember, the right outsourcing partner can bring more credibility to your firm’s name and help you scale quickly.

ARE YOU LOOKING FOR AN AUDIT SUPPORT SERVICES PROVIDER?

Your search ends here!

Fin-eX Outsourcing is a top-tier accounting outsourcing company in the UK with over 12+ years of experience helping accountants cut costs, drive profits, and scale their firms. We specialise in dedicated audit support services UK tailored to our clients’ needs.

We are a team of over 1000+ committed accountants and auditors trained extensively at the Fin-eX Outsourcing to manage and execute end-to-end auditing tasks. We adopt a unique ‘People First’ approach in all our projects and work tirelessly to help clients achieve their goals.

Why Choose Fin-eX Outsourcing?

• Custom pricing, dedicated support, and risk-free service trial
• Professionally affiliated with organisations like ICAEW and ACCA
• Fully compliant with ISO 9001, ISO 27001, and ISO 27701 standards

To learn how Fin-eX can transform your practice, book a free consultation with one of our outsourcing experts. To explore our services further, call us at +44 208 144 8995 or drop an email at askus@finexcoutsourcing.com