How to Identify a Reputable Audit Firm in Singapore
Before you settle for an audit firm that can handle your unaudited report, there are things you need to look out for if you are to set the stage for your company’s success. Selecting an auditor in Singapore is a task that should not be taken lightly and there are key qualities that should be looked into when identifying an audit firm to work with. Apart from ensuring that the audit firm in Singapore that you intend to work with has the right qualifications; there are a number of factors to look out for.
Look out for an audit firm in Singapore that has proof of training and qualifications that certifies the firm to perform auditing and accountancy tasks. The firm should have an external auditor certification and other statutory requirements that authorize them to handle the tasks. The value proposition of the auditing firm should also be clear to you. If you engage with a new audit firm in Singapore then there are higher chances that your unaudited report may not be taken seriously.
Choose an audit firm in Singapore that is not only well recognized but also one that has demonstrated a high level of expertise in its engagement with other companies. Going for such an audit firm means that you will be partnering with a firm that has helped in establishing the right standards for assessment and auditing practices.
Level of experience
Look towards engaging with an audit firm in Singapore that has a high level of experience in your kind of business. The auditing process will become much easier if the auditor is well versed with the specific company goals, as well as objectives and pain points. Working with an experienced auditor in Singapore will also enable the company to save time, money and the effort that might have been spent onboarding.
To ensure that you settle for the most reputable audit firm in Singapore, you can form a committee that can help with vetting some of the local audit firms. The committee should have a clear understanding of the unaudited reports that the company requires them to work with. They should come up with an evaluation standard that can be used in comparing the audit firms.
This is another key factor that should help with the identification of audit firms in Singapore. Take time and make inquiries on pricing so as to evaluate whether it’s appropriate for the specific task or not. An audit firm might be having great qualifications, experience, service offerings, and a great reputation, however, if the pricing is way so high then you can look out for an alternative audit firm in Singapore that can deliver the services required but at a competitive price. It’s also important to know that being expensive does not necessarily translate to high-quality services.
Each of the key factors needs to be evaluated independently if one is to engage a reputable audit firm. Go for a reputable and experienced auditor in Singapore who understands your Industry well.