The National Disability Insurance Scheme is complicated for service providers to navigate, especially regarding compliance and audits. However, hiring an auditor and knowing how much to pay to ensure your NDIS business successfully gets through each audit can make this process seamless.
In this article, we’ll examine critical factors influencing NDIS auditor costs and how to find the cheapest NDIS auditor without compromising quality.
What Does an NDIS Auditor Do?
NDIS auditors ensure your business complies with the strict requirements of the NDIS Quality and Safeguards Commission. They conduct comprehensive audits at every phase in your NDIS business lifecycle, including:
- Initial Audit: This type of audit is necessary for new service providers looking forward to registration under NDIS.
- Mid-term Audit: A Mid-term review is conducted halfway through the certification process to monitor compliance over time.
- Renewal Audit: Necessary to renew your NDIS registration after the expiry of the NDIS certification period.
- Internal Audits: These might be self-initiated as part of an ongoing system to check compliance or in preparation for the formal external audits that will eventually take place.
Key Factors Affecting NDIS Auditor Costs
Multiple factors affect the cost of hiring an NDIS auditor. Knowing these parameters can help you budget better without compromising compliance.
Scope of Services:
The audit cost of an NDIS depends on the scope and complexity of services offered by your organisation. Providers offering diverse, complex or high-risk services accrue higher audit fees.
Size of the Organisation:
Larger organisations tend to have more staff, participants, and places, which usually cost more in an audit because more time and effort are required to conduct rigorous inspections.
Type of Audit:
Different types of audits cost differently. Usually, the initial audit tends to be comprehensive, making it costlier than a mid-term audit. The renewal audit is likely cheaper, but attention is important to meet compliance standards.
Experience and Reputation of the Auditor:
High-priced NDIS auditors with good reputations may be expensive. However, opting for the cheapest NDIS auditor may not always be the best strategy. It is necessary to consider both cost and quality to avoid compliance risks.
Finding the Cheapest NDIS Auditor
Cost is a factor, but you do not have to select an NDIS auditor who quotes the lowest price as sacrificing quality. Here are some tips on how to find an affordable auditor.
Multiple Quotes:
Contact multiple auditors and ask them to provide a quote for the various types of audits you will perform. You can then compare different prices and services to ensure you get the best value.
Audit Packages:
Some auditors or consulting firms, like Vertex Consulting and Compliance Group, offer bundles in which you can acquire different services together, such as internal audits, mid-term audits, and training workshops. Such packages often work out cheaper in the long run.
Check for Specialisation:
Such auditors offer lower prices for their services because their scope is finite.
Finding an auditor specialising in your service type may help you get a better deal.
Early Preparation:
By preparing well in advance with your auditor, you could minimise the time your auditor spends in your organisation and, thus, reduce costs. The use of consultants to prepare your documentation and processes before an audit can save you money in the audit.
NDIS Mid-term Audit: Why It Matters
One critical component of staying compliant is the NDIS mid-term audit, which happens halfway through your certification period. It will ensure that your business continues to meet the standards needed for this process.
It is cheaper than your first audit since it is not full. However, it remains crucial for ensuring that your NDIS registration is secure. Losing your NDIS registrations can be more costly in the long term than the cost of a good-quality audit if you fail your mid-term audit.
Conclusion
The cost of hiring an NDIS auditor greatly varies with the organisation’s size, the type of services offered, and the type of audit required. There would probably be a strong tendency to want the cheapest auditor; however, it is vital to ensure that the auditor one chooses is qualified and experienced enough to do the job thoroughly so that your compliance can be properly verified.
Use experienced auditors and consulting firms, such as Vertex Consulting and Compliance Group. This will help you make auditing less complex, ensure time-bound compliance, and keep your costs at a control level.
Read More: How Can I Start an NDIS Business with NDIS Consultant?