How to Choose an Auditor for Your Business?

What Are the Best Ways to Find an Auditor?

Which Type of Auditor Should You Pick?

What Are the Credentials an Auditor Should Possess?

What Are the Questions to Ask an Auditor?

How Much Does an Auditor Cost?

As per the Committee for Capacity Building of Members in Practice CCBMP’s recommendation, the auditors charge separately to their clients based on their location. The Indian cities are further classified into Class A, Class B, and Class C cities, and based on these, the audit providers charge their clients.

 

Particulars Class A Cities Class B Cities Class C Cities
Principal ₹ 18,000 ₹ 12,000 ₹ 8,000
Qualified Assistants ₹ 10,000 ₹ 7,000 ₹ 5,000
Semi Qualified Assistants ₹ 5,000 ₹ 4,000 ₹ 3,000
Other Assistants ₹ 3,000 ₹ 2,000 ₹ 1,000

Particulars Class A Cities Class B Cities Class C Cities
Tax Audit ₹ 40,000 ₹ 30,000 ₹ 22,000
Small Pvt. Limited Company whose turnover is up to ₹ 2 crore ₹ 50,000 ₹ 35,000 ₹ 25,000
Medium Size Pvt. Ltd Co./Public Ltd. Co. ₹ 80,000 ₹ 55,000 ₹ 35,000
Large Size Pvt. Ltd. Co. / Public Note 1 Note 1 Note 1
Review of TDS Compliance ₹ 25,000 ₹ 18,000 ₹ 12,000
Transfer Pricing Audit Note 1 Note 1 Note 1

 

Note: Fees are exclusively charged depending upon the time spent on a particular assignment and its complexity.

Therefore, ensure to keep these things in mind, while determining to know how to choose an auditor for your business or organisation. Also, before hiring them, make sure to discuss your requirements with them so they could provide you with an auditing service that is a way beneficial for your business.

FAQs Related to Choosing an Auditor for Your Business

What are the four C’s of auditing? up-arrow

As per directors, while evaluating the sufficiency of any risk-based audit plan, there are four features to consider, popularly known as the four C’s – culture, competitiveness, cyber security, and compliance.

What are some basic principles of auditing? up-arrow

Some basic principles of auditing are- integrity, confidentiality, independence, skills and competence, objectivity, documentation, planning, accounting system and internal control, audit reporting, work performed by others, and audit evidence.

What are the three general standards of auditing? up-arrow

 The three mandatory standards are:

  • The Definition of Internal Auditing
  • The Code of Ethics
  • The International Standards for the Professional Practice of Internal Auditing (Standards)