Why Hiring An Audit Firm For Your Company Is Essential
Apart from auditing being a statutory requirement in Singapore; it’s also beneficial for a company to engage in audit services. Auditors help with attesting to the fact that the financial records of a company comply with the law and are accurately done. Working with a reputable audit firm in Singapore adds to the credibility of the audited financial records and that should be taken into consideration when selecting an audit firm to work with.
Here are some of the reasons for engaging a reputable audit firm for accounting and tax audit services in Singapore;
Accuracy of the financial records
Financial statements can never be considered to be useful if they are based on accounting records that are inaccurate and unreliable. Since the users of financial statements don’t have the time to assess the reports; working with a reputable audit firm in Singapore is therefore critical. A reputable corporate service provider in Singapore will help with combating incompetence and dishonesty that could be existing within the accounting processes.
By engaging a reputable audit company for such services; you will be able to get insight into the genesis of inaccuracies existing in the financial statements. They will be able to provide professional advice on important controls that should be put in place to combat such mistakes. Auditing process will also help with the provision of a reasonable safeguard against inaccurate financial reporting and fraudulent acts.
Recommendation of Internal Controls
Majority of small business owners are likely to be faced with a number of challenges when it comes to observing accounting principles that ensure the accuracy of the financial records. This is due to the fact that many are not able to hire professional accountants on a full-time basis. Instead of doing all by yourself then ending up with mistakes in your financial statements; you should consider outsourcing accounting services to a reputable audit firm such as Onestop CA Singapore.
Hiring a reputable audit firm in Singapore will help with ensuring that internal controls are put in place. Internal controls are policies and procedures that a company can adopt to help safeguard their assets, ensure accurate reporting of financial transactions, and also help prevent fraud. Having proper internal controls helps with ensuring that the business processes are correct, including financial reports. Having adequate internal controls that are designed in order to avoid fraud, accounting errors, and theft is important if business growth is to be realized.
Majority of fraud cases happen within companies due to failure to implement internal controls. When the accounting records are rarely audited as should be; it creates an environment for mistakes to escape unchecked. With the help of a reputable corporate service provider such as Onestop CA Singapore; an organization is capable of making advances in a significant way as you get access to a team of CA experts with an in-depth understanding of business operations and professional services needed to enhance growth.
The firm that you engage for the execution of accounting and tax audit services should be given a lot of priority as they have the potential of influencing the credibility of your audited reports.