As a leader, you may find it difficult to stay informed with the myriad of rapidly changing compliance rules, regulations, and economic trends, but it’s imperative for global businesses to do so. Businesses must maintain a keen eye on their internal control framework to deal with regulation and business risks, maintain stable operations, and support high-quality financial reporting.
At the same time businesses are facing increasing demands, so are auditors. Businesses are encountering numerous disruptions from emerging technologies, regulatory changes, and rapidly evolving global business practices. As such, it’s imperative to engage a sophisticated and knowledgeable audit firm who is positioned to address those changing demands as part of their work.
Global businesses, complex needs
The growing complexity facing global businesses can result in consequential operational challenges, which can be amplified when operating in multiple countries and expanding into new markets. Understanding local laws and regulations including tax implications, privacy laws, payroll rules, and other statutory reporting requirements can result in significant complexity for a global business.
Furthermore, global businesses must operate at a heightened level of sophistication when it comes to business operations and processes. Coordinating an audit across multiple countries requires business leaders and auditors to consider many factors including economic conditions, cultural differences, regulatory landscapes, and more.
Assessing risk and maintaining compliance
As a global business, you need to ensure you not only have proper processes and controls, but also regularly evaluate your ability to manage risk. When there are changing protocols or newly introduced legislation, for example Bill S-211, businesses need to be aware of these new regulations, ensure that they understand them, and have a process to implement them in a timely manner.
To assess risk across a global organization, you need coordination, quality, and industry expertise. But when a business has a presence across different countries it can be difficult to navigate changes impacting business operations in different jurisdictions. And in the most serious cases businesses can face steep fines, or even be subject to litigation for not properly complying with local requirements.
Auditors need to be highly knowledgeable, practical, and able to provide the expertise necessary to address these concerns from an audit quality perspective.
Key markers of high-quality audit services
With a global business you need a diverse pool of resources and specialized expertise to deliver consistent and high-quality audit services, spread across multiple jurisdictions. We offer practical solutions and take a proactive approach to client service, resulting in a higher quality assurance engagement. Further, with every engagement—from our first contact through to completion—our teams work collaboratively and enthusiastically to ensure a tailored and high-quality audit.
Digital tools are a critical enabler when it comes to audit quality. BDO uses digital tools such as APT Next Gen, BDO Harmony and AI to enhance audit quality and efficiency. BDO Harmony organizes, validates and analyzes data, while APT Next Gen is a global audit platform that supports executing exceptional multi-national audits. These digital tools underpin our work and give us the insight and intelligence needed to understand the risks and growing pains within your operations.
Your business can achieve a new level of sophistication with access to high-quality technical audit resources, a practical global audit methodology and seamless audit coordination. Our professionals can assist along the journey by identifying areas of improvement and suggesting new systems or services—within accepted independence frameworks.
The BDO network
At BDO we offer a flexible and bespoke approach to our global clients. As a global firm, we connect with our colleagues in over 160 countries to find the right mix of industry expertise and skills that suit the unique needs of each client. Our professionals, including partners, are deeply engaged in each project they are involved with. Our people bring deep experience across a range of industries—from manufacturing to technology —to help our clients meet their wide-ranging business needs.
A global audit network provides businesses with local insight, reliable communication, and a seamless, high-quality audit experience. With access to a global audit network, you can be confident that your auditors understand the complexities of your global operations and the intricacies of each geography.
We also know quality audits are paramount for global clients like you. Governed by BDO regulations, we utilize a global quality monitoring system that mandates quality reviews (QRs) for each firm, with risk assessments once every three years. Learn more about our approach in the Audit Quality Report 2024.
We can help
BDO can assist businesses on a global scale by providing insights, intelligence, and guidance on changing regulations and best practices. It is not about recreating the approach to audit, but providing our clients exceptional services. We pride ourselves on delivering that same high quality, consistently in every office, every country, and every territory where we have clients. No matter where you conduct business, we have professionals who can add immense value to the audit process.
The information in this publication is current as of July 17, 2024.
This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.