5 Things to Consider when Hiring an Audit Firm in Singapore

Audit firm in Singapore

Hiring an audit firm is a great milestone that companies and businesses should commit to if they are to ensure that their financial records are transparently and accurately done. Working with a reputable audit firm in Singapore is the first step towards ensuring that the measures and controls put in place within a company are effective and aids in enhancing business processes. 

Working with an audit firm in Singapore that offers a range of corporate services can be of great help as it becomes possible to have all other professionals tasks handled in one place. With hundreds of firms purporting to be offering audit services, settling for a reputable firm can be such an uphill and time-consuming task. The following qualities should help when considering the ideal audit firm to work with;

Understands business needs

Accounting and auditing firms in Singapore can be grouped into three categories; the top-tier audit firms. These normally provide their services to the mid-sized and large corporations that have complex regulatory cases and financial needs. The mid-tier firms generally serve the mid-sized companies and a small number of large corporations. The third category is the small firms that specialize in serving small companies and individuals. 

When choosing an audit firm in Singapore, ensure that you settle for a firm that clearly understands your business needs. The scope of your company, alongside the work and size of your organization, should be taken into consideration when making such a choice.

Positive references

Before you engage an audit firm in Singapore, you should look out for some positive references. Approach some companies within your industry and ask for recommendations. You can also check online and get a grasp of the reviews that people are sharing regarding the companies. Once you have a few recommendations, you can ask the preferred companies for their past clients. You will be able to get a picture of the organizations they have engaged before and if they are the right fit for your organization.

Industry-specific past experiences

There are companies with operational demands that are highly complex. When engaging an audit firm in Singapore, you should ascertain if the firm has some industry-specific experience as that is likely to give you the confidence that the firm is already well versed with your area of operations. Firms that specialize in your given area of business are more likely to understand your unique business needs and will be able to deliver quality work.

Professional Qualifications

Apart from being well versed with your area of business; you should also lookout for the level of professional qualifications of the staff assigned to work on your financial records. Are they accredited by the Institute of Singapore Chartered Accountants (ISCA)? You need to ensure that those entrusted with working on your unaudited reports have the required level of expertise.

Penalties and Fines

Check out if the audit firm in Singapore that you choose to work with has in recent times incurred some penalties. You should also check out if in case some complaints have been filed against them.

Originally published by onestop-ca.com

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