Strategic questions to ask before engaging an audit firm in Singapore
Finding the right an audit firm in Singapore for your organization is a critical task that should be done keenly considering the many audit firms out there that purport to do quality work but lack the required level of professionalism and expertise. The audit firm in Singapore that you choose to work with is an excellent resource for analyzing financial records for a better decision making process.
From complying with the set financial regulations to obtaining assurance on their financial records and meeting the established financial needs, working with a professional audit firm is quite beneficial for the overall operations of a company. Different audit firms provide a wide range of perspectives regarding the measures that should be put in place to address the diverse challenges a company might face.
Here are some of the questions to ask before engaging an audit firm in Singapore;
Industries that the audit firm qualifies in
Different sectors have needs and demands that are different, so when choosing an audit firm in Singapore, ensure that the firm has a deep understanding of what your specific industry entails. With proper knowledge, the firm can provide specialized trends and the regulations within which your business operates.
Other professional services provided by the firm
When engaging an audit firm in Singapore, you should take time and inquire about other professional services that the firm can offer. When you know the extra services that the firm can offer, you can then engage them for such services when the need arises. Whether it’s accounting, company secretary services, incorporation of the company, or others, hiring an audit firm that can handle diverse tasks can be quite cost-effective.
Dedicated contact person to engage with
Apart from having a firm audit work on your unaudited financial records, it would help if you also focused on building honest and mutually trusting relationships with one of the firm’s partners. Since the firm’s professionals specialize in different areas, you might be assigned to an auditor within the firm that can handle your financial records effectively.
You should have confidence with the professionals working within the firm if you effectively implement the advice they provide. The professional and technological landscape is growing gradually and becoming more sophisticated. That’s why you need a dedicated professional that can also give you insight on how to grow your business effectively.
Another critical question to ask before engaging an audit firm in Singapore is to inquire about professional fees. The audit firm in Singapore that you choose to work with can decide to charge a flat rate fee or according to the tasks being undertaken. You should ensure that you are comfortable with the professional fees being charged.
Before you engage an audit firm in Singapore, you should also ask about references. Get to know the clients they have handled their unaudited records and what the clients are saying about their services. The response that you get will help in building your confidence with the auditing firm.