Efficiency and Effectiveness: Using One Audit Firm for Multiple Security and Compliance Audits

Efficiency and Effectiveness: Using One Audit Firm for Multiple Security and Compliance Audits

In a world where technology is growing exponentially, businesses face an increasing number of challenges to protect sensitive data and stay compliant with industry standards. Security and compliance audits play a vital role in safeguarding against such emerging threats and maintaining compliance. However, managing multiple security and compliance audits with multiple audit firms can be overwhelming, time-consuming, and resource intensive. In this article, we’ll discuss how using one firm for multiple audits can lead to advantages like more cost and resource efficiency, comprehensive and consistent audits and auditors, and streamlined collaboration and communication processes for your security and compliance needs.

Cost and Resource Efficiency

Engaging multiple auditors for security and compliance audits often leads to redundant processes and higher costs, not only related to fees but also the internal costs of your resources who have to spend more time dealing with multiple firms. By choosing a single audit firm who can and are authorized / accredited to perform various audits, businesses can consolidate their audit needs under one roof and eliminate a significant amount of redundancy. This optimized approach not only saves valuable time and effort but also minimizes the financial burden associated with engaging multiple vendors.

Comprehensive and Consistent Audits and Auditors

Maintaining the same auditor can also significantly improve the quality of subsequent audits as the auditor’s knowledge of your organization improves year on year; specifically, familiarity with policies and procedures, building a good relationship with the audit team assigned to your audits, consistent look and feel of the various audit requests and audit reports / deliverables, and a common Executive In-Charge to reach out to for any and all issues.

Streamlined Collaboration and Communication Processes

Engaging multiple auditors often leads to fragmented communication channels, making it difficult to maintain clear lines of communication and coordination. Consolidating audits with one firm fosters a more collaborative partnership, with streamlined communication and coordination. Understanding the ins and outs of an organization is vital for an effective audit. A collaboration across audits allows for faster decision-making, contextual understanding of audit objectives, and effortless knowledge transfer between teams. 

Case Study – A technology client was using multiple firms to perform their SOC 2 Examination, ISO 27001 Certification and PCI DSS Assessment.  AARC-360 was able to bundle all three engagements into one seamless annual audit plan, assigning one audit team (supplemented by specialists) to work closely with one client point of contact.  The results:
  • Fewer touch points/status meetings
  • Client control owners contacted by auditors only once to validate controls common to all the audits like hiring and personnel procedures, physical security, new user provisioning, authentication settings, policies & procedures, risk assessment
  • Common look-and-feel of audit reports
  • Less administration with one engagement contract, one set of management letters to address
  • Annual cost-savings to the client upward of 30%
  • AARC-360 worked with client marketing personnel to effectively publicize consolidated audit results through press release and social media

By consolidating your audit needs, your organization can unlock more cost and resource-efficient operations, and eliminate duplicated efforts, along with building a partnership with an informed team who can accumulate knowledge about your business’ evolving requirements.

Reach out to your team at AARC-360 to talk more about consolidating your security and compliance audit needs.

Co-Authored By

Mihika Madhavan (Client Relations Manager , AARC-360)
Neil Gonsalves (Founder and CEO, AARC-360)
Bernie Wedge (Advisory Board Member, AARC-360)