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AUDIT SERVICES SINGAPORE

  • May 4, 2020

I am sure a lot of you reading this will just be hearing about audit services for the first time and if you have heard about it and used the service before then trust me when I say that it is important you go through this article, you might learn something new from this. In this article, we will be discussing audit services in Singapore but before I jump into the audit services in Singapore I would like to talk about audit services in general.

Let’s begin by answering the question what is an audit?  An Audit can be defined as the process of carrying inspection on several books that contain accounts and this process is followed by a proper cross-check of the inventory for the purpose of ensuring that all sections are in line and all transactions follow a documented system. The people who specialize in carrying out this exercise are known as auditors. This process can be done in two ways depending on the choice of the business enterprise; it can be done internally by members of the enterprise or externally by a private auditing firm. The main purpose behind auditing is to confirm the accounts of a company and see that all numbers are added up equally and there is no form of fraud done in the accounts.

In Singapore, auditing services have become very popular and are now important for organizations and businesses of any kind. This is an important process because it makes business owners consider every bit of information regarding their account.  In order to conduct an audit, certain methods need to be implemented by the business owners as they act accordingly to the laws of the Singapore government. Every business sector should make use of auditing as it is very beneficial. The process will allow you as a business owner to view your organization from a different perspective that will enable you to make the best decisions about your business based on the records available.

ADVANTAGES OF AUDIT SERVICES

  • By using auditing, complying with banking covenants would not be an issue.
  • It is a display of good citizenship.
  • It shows good corporate governance
  • It assists in detecting fraud and error.
  • It makes the payment of any form of tax easy and accurate.
  • Using auditing will also help you to avoid investigation and penalties.
  • It simplifies the buying and selling of businesses
  • The minds of stakeholders will be satisfied and at rest as they see the credibility of the information drafted out.

 

THINGS TO CONSIDER WHEN CHOOSING AN AUDIT FIRM

There are lots of audit services in Singapore and if you want to select one, this can be a very hard thing to do. But do not worry as I will be giving you some tips on how to go about it as they will direct you to make the right choice. The tips are below;

Knowledge in Taxation

If you plan on getting an auditing firm to carry out the process on your unaudited reports, it is better if you choose a firm that has experts with knowledge in taxation as this is very important. If taxation details are not documented properly, this will result in unwanted issues that can cause penalties and this is not a good thing for your company. This is why it is very important to go to a firm that has good taxation knowledge.

Take a look at the size of the firm

Another thing to consider while engaging with auditing firms is the size of the firm and also their credibility. From what was explained above you should know that auditing is not an easy job, so firms with very low working force or manpower will not perform well. It is better to have a certain number of professionals do the job than allowing one person to do it. That would be very risky.

Expertise and experience

Do not be deceived by the design on their website and how their information is being displayed when you want to choose an auditing firm. You should be more concerned with their level of expertise and the experience they have.