Well, we firmly believe that the only one who benefits from quarterly is the verifier; and this is for two reasons:
- They can charge more, because they increase the frequency of visits
- It keeps their staff busy all year round!
- It's disruptive to the client
- It costs more
- There are no added benefits from more frequent verifications
As verifiers, we focus on the firm's policies and procedures, and its composite construction. Chances are the P&P won't change very much during the year, so that leaves the composite construction. Why must we monitor clients monthly? If we give interim reports rather than an annual, will it really help them?
During the year we often engage with our clients. Our clients frequently contact us with questions or seek advice. Our clients are invited to participate in our monthly webinars at no cost. And, we share information with them in other ways. And so, why bother them with quarterly visits?
Interestingly, of the numerous firms who have switched to The Spaulding Group from verifiers who required quarterly, none have continued at this frequency: all have been happy to move to annual.
Disagree? Think quarterly is a good idea? Let me know why! I'd love to hear your reasons. And the competing verifiers who read this blog are invited to chime in, too, but not anonymously, otherwise they won't be posted.