factors to find best audit firm for your business
  • May 23, 2022

Hiring an audit firm is essential for any big or small business. Reports created by a good and credible audit firm add credibility to your financial statements and also helps to improve the company’s internal affairs. Moreover, the Singapore companies act also required companies who are not exempted must ensure their accounting reports and financial records are audited yearly.

But choosing the one and the best audit firm among so many options available is a daunting task. Here are a few factors that can help you find the best audit firm for your business.

1. Good References

The best way to move forward while hiring any new services is to ask around your friends, family, and peers for recommendations. You can also consult your company secretary for good referrals. They are well-connected people and their connections will probably direct you to the best audit firm in Singapore.

Taking references from these people will give you plenty of options. So, make a list of all the options and narrow down the firms which provide your required services. You can ask these shortlisted firms for their past clients and calling one of those clients for reviews is the best way to check their performance.

2. Are They A Good Fit For Your Business?

Next, you must ensure that the firm you are choosing is the right fit for you. Audit firms or accounting firms are categorized into 3 types and their scope of work is also categorized. So, you will have to choose the audit that understands your business and your requirements and is specialized in handling such businesses. Below is a brief about audit firms’ category to help you choose the best and famous audit firm:

  • Top-Tier Audit firm: These firms deal with mid-size to large organizations. They are qualified and experienced in dealing with complex regulatory and financial requirements.
  • MidTier Audit Firm: these firms deal with mid-size to small corporations. Their expertise lies in dealing with simpler financial needs.
  • Small Audit Firms: These firms only deal with small corporations or individuals. Dealing with big organizations is not their expertise.

3. Are They Registered With ACRA?

The Singapore government understands the importance of public accountants and that companies largely rely on their professional expertise and experience to make critical financial decisions. That is why the Singapore government has imposed some laws for public accountants and only ACRA registered accountants can work as public accountants. Moreover, periodic reviews are conducted to make sure that the quality of work provided by public accountants is compliant with SSA, Company Act Singapore, and other regulatory authorities.

For any person who wants to be ACRA registered public accountant, he must be at least 21 years old and must fulfill the below requirements:

  • CA qualified
  • Must have practical experience
  • Must be a member of any professional accountancy body or organization
  • Must be proficient in local laws
  • And Continuing Professional Education (CPE).

4. Well Versed With Taxation Rules

Taxation is a critical part of a business and any negligence or incompetency in this regard can land you in serious trouble. So, make sure the audit firm you are hiring has qualified auditors who are well-versed with Singapore’s taxation laws. The best audit firm is well-versed with Singapore taxation laws and hiring them would ensure that your tax returns are filed in a timely manner and with required accuracy.

5. Qualification And Credibility

Another key factor to consider while looking for the best audit company is ensuring that the professional at the audit firm is qualified and possesses good credentials. Take out time and interview the individual who will be working with your firm. There are three factors to measure the qualification and credibility of the individual you will be working with:

  • If the individual is CA qualified, he is a qualified professional and his services can benefit you.
  • The individual must possess detailed knowledge of the Companies Act Singapore.
  • Lastly, the individual must have proven experience of working with a company similar to yours.

These factors will certainly help you find the right auditing firm for your business.

6. Do They Have Industry-Specific Experience?

If you are a business that has complex operational demands, you must look for an audit firm in Singapore that has relevant industry experience. Not all audit firms are qualified and experienced to cater to such complex auditing needs. So, go for an auditing firm that specializes in your industry or possesses vast experience in working in your field. Their experience and expertise will help your flourish and provide you with valuable insight into industry trends and solutions.

7. Where Are They Located?

This might not feel important to you but believe us it is as important as hiring an audit firm with qualified professionals. Auditing and accounting is a complex jobs and only a qualified and experienced professional can provide you required solutions. So, make sure that the audit firm your choose has an office in your city and is easy to commute from there. You don’t know when can an emergency situation arise and you need a qualified accountant physically present in your office to help you out with the situation.

8. Check reputation

Lastly, check the audit firm’s reputation. Top audit firms in Singapore prioritizes their clients’ satisfaction and make sure they deliver quality work so that their clients are happy with them. So, in order to check their reputation, you can check their website and customer feedback. You can also take out some time and personally visit their office to check their work culture. A good and reputed audit firm will definitely have a very good work culture and which will be evident when you will visit their workplace.

We hope our blog was helpful!! TN Corporate Management Pte Ltd is a reputed and trusted financial and corporate service provider in Singapore. Our qualified and experienced auditors can help you with internal and external audits. Feel free to contact us for more information.