Select a Singapore Auditing Firm – Things to Note
1. Consider hiring well-established audit firms
As a haven for import and export, multinationals and international businesses, Singapore has attracted many international audit firms. Such will cost you a bit more than the local firms, but they will do a better job and their auditing services are waterproof.
You can see the types of companies that they have offered their independent auditing services before. That way, you will not be hiring blindly.
2. Insist to see the company’s portfolio of past projects/clients
This is very important. You should ask to see the list of the clients who hire independent auditing services from the firm that you are interested in. If they are the who-is-who in business, then you have a good company. It would be unreasonable to expect to see the financial records of other companies, but if you know somebody who works in one of the companies that enjoy the auditing services of the firm, you can ask them.
Word of mouth is one of the greatest referral method.
3. What types of audit services does the firm offer
There are different types of audit services in Singapore, or anywhere else for that matter.
The first one is statutory auditing. This is done to establish whether the image that the company portrays is a fair representation of its financial worth. For such, the auditor will vouch bank balances, transactions and the company’s bookkeeping records is done. Vouching finances is not enough, but the auditor also needs to look at the operations of the business, as well as send confirmations to third party.
The non-statutory audit services in Singapore are offered to small business, sole proprietorship, clubs and charitable trusts to name but just a few. If you can find a company that offers the statutory and non-statutory auditing services in Singapore, it would be better to hire such as you are liable to get better services.
4. Check for any extras
After auditing, some provider for audit services in Singapore would offer you a full review of your business or otherwise, upon your request. This should be comprehensive and it would be offered only after the business operations and financial standing have been analyzed carefully. A business review will help you improve the profitability of your business.
J Accounting Services website would like to remind everyone who is reading this article that selecting the right audit firms for your company is crucial.
What’s in it for you?
At J Accounting Services, we do have a few audit partners from different audit firms. We could solve your issue of not knowing which audit firm best fit your individual needs and hence, which audit firm you should approach. See what our audit partner firms are offering you.
