How can you engage auditors in corporate advisory?

Engaging auditors in corporate advisory is about building relationships and showing them how their expertise can add value beyond just checking boxes. Invite them to brainstorming sessions, share insights, and collaborate on strategic decisions. Treat them like trusted advisors, not just rule enforcers. Make them feel valued and respected for their knowledge and experience.

engaging auditors in corporate advisory is that it is a strategic and beneficial decision that can help you optimize your business performance and compliance. Auditors have the skills and experience to offer you impartial and reliable advice on various aspects of your business, such as financial reporting, taxation, risk management, governance, and internal control. They can also help you implement the solutions and recommendations that suit your needs and goals. However, engaging auditors in corporate advisory also requires careful management and coordination, as it may involve some challenges and risks to your audit quality and auditor-client relationship.

With vast and expert knowledge Auditors can give valuable input on various area wherever improvement are required or new idea for further improvement.

I agree that organizations have to respect the auditor 's independence and professionalism. To benefit any corporate advisory, the auditor is required to be impartial with a high sense of dedication to duty and ethics. By so doing, auditors who follow due process are able to improve on the quality of business processes as well as the efficiency of organizational tasks

One effective way to engage auditors in corporate advisory is by involving them in the decision-making process. By seeking their input and expertise on financial matters, auditors can contribute valuable insights and recommendations to improve the company's overall performance. Additionally, providing auditors with regular updates and reports on the company's financial health can help keep them engaged and invested in the company's success. Ultimately, by treating auditors as trusted advisors and involving them in strategic discussions, their expertise can be leveraged to drive positive change within the organization.

auditors can play a valuable role in corporate advisory, as they have the expertise and the independence to provide objective and reliable advice. Auditors can help businesses improve their governance, risk management, and control processes, as well as identify opportunities for growth and efficiency. However, auditors also need to be aware of the potential challenges and risks involved in providing corporate advisory services

Collaboration is key as it's not a competition. Internal processes as well as workplace culture and strategies do need an external viewpoint to assess and recommend on way forward. Collaboration with auditors opens the authentic energy to build the quality of reports that will be shared for greater corporate value. Thank you.

To engage auditors in corporate advisory effectively and appropriately, you can follow some of the tips and best practices suggested by various sources, such as the SEC, PCAOB, and The IIA. For example, you can: Consult with the audit committee and the external auditor before engaging the auditor in any advisory service, and obtain their approval and consent. Disclose the nature and extent of the advisory services provided by the auditor, and the related fees, in your annual report and proxy statement.

Auditors are best equipped to evaluate business risks of an enterprise and therefore, play a key role in helping managements deal with external agencies who possess a different perspective on these risks. This can actually help build a better narrative with credit rating agencies and lenders because they not only help companies project a better narrative about the company's risk taking appetite but also about the tone at the top when it comes to repayment, demonstrating greater transparency, etc. More importantly, rating agencies are inclined to revise their ratings of various instruments, leading eventually to lower cost of debt.