Audit Firm in Singapore
Audit firms are the companies that go through the details of your company’s working to ensure compliance. This could be to check if you are following all the legal regulations, the financial regulations, Information technology regulations or maybe an operational audit or a tax audit. This is a service offered by a third party which adds the authenticity to the report generated. Usually, large companies also have internal auditing teams to ensure continuous compliance, but a lot of times large corporations are required to hire registered auditing firms to get their finances audited. This is especially true of public listed companies. With the huge number of the audit firm in Singapore sometimes it becomes difficult to choose the right firm.
Thus, this is an essential and sensitive function. So, it could end up costing a lot of money and lost time to a company if they hire the wrong audit firm. If it was an Information technology audit or an operational audit, perhaps a delay would result in loss of efficiency. Furthermore, if the report is a legal requirement it could even result in legal ramifications including heavy fines from the government.
So, it is natural that anyone would spend time and effort making sure that the firm one chooses is the best one could find.
Since we all want to find the best firm for our business, here is a list of factors we should consider before deciding on a firm.
Qualifications and Experience
Since many times there are legal requirements you should invest time in making sure the firm has the highest qualifications that are currently available/suited to your requirements. As an example, they must hold a license to be public accountants, or you could also look at the number of Chartered accountants in the firm. This gives you an idea of how qualified they are and what is the quality of service you will receive.
Furthermore, it is definitely a promising idea to see how many years the audit firm has been in business. It is not easy to remain in business as low quality or untrustworthy audit firm. So, if a firm has been around for several years, chances are they are not only good at what they do, but chances are they might actually be getting better at their jobs.
Size of the Firm
This is an interesting thing to consider. If you are a large company then it might be wise to go for a medium-size firm as they would be very eager to have you and be highly likely to provide you better quality service then most customers. They might even allocate their best resources to your company’s audit and that is exactly what you would want.
However, this is a risk and you might simply prefer to go with a firm that has experience with working with corporations of your size.
On top of this if a firm already has a large portfolio of clients and you are a small firm with a tight deadline to get an audit done. Then a firm smaller in size might be better as they will have fewer clients and could offer a faster turnaround time.
The specialty of the Firm
It is very interesting to note that not all audits are the same and even not all financial audit forms are the same. Looking at audit firms in Singapore one can easily get confused about which one to choose. One must make sure to choose a company that has experience in auditing in the same industry as your company.
Current Customers and Reputation
If current customers have been there for a couple of years and the reputation of the firm is intact. It means they are delivering value for money and are trustworthy.
This is the cherry on the top, even if the audit if perfect you might have to change your auditor because of a poor experience with the firm’s team members.
Discuss with the firm what the turnover rate is for the employees and who will be working on your project from their company. This will keep the company on their toes and actually help you decide if they are a good fit for you.