Being a businessman isn’t an easy job; you have to keep an eye all around to ensure smooth operations. In such a busy routine, it becomes extremely difficult to check on all your financial records. But if you don’t, it will ultimately affect your business’s progress in the long run. What to do in such a case? Why not avail of audit services in Singapore? Well, with audit firms in Singapore, you have nothing to stress over. These firms will look out for you, making it easier for you to focus on your business.
Why is audit important for business?
Auditing refers to the inspection of the financial records of a company. Auditing is crucial for your business and something that can’t be ignored as it shows your firm’s credibility. With the help of audit services in Singapore, you can ensure that all your company’s accounts comply with financial reporting standards and the companies Act.
There are several reasons why auditing of your accounts must be done. And the list of reasons is discussed below.
- To avoid fraud
- To maintain records as per standard of Company’s Act.
- To apply for the loan from lenders, they require your audited account details. Similarly, investors, shareholders, and other external suppliers also demand account details.
- To have better control over the company’s finances.
- It helps to identify the area of weakness.
- To improve the progress of your business and know where you stand financially.
How to determine if your company needs an audit?
You need to know if your company needs to be audited and to determine that you must be familiar with the Company’s Act. Let’s see what that Act says about your company’s status.
According to Act, any small company is exempted from auditing if it falls in two out of three given conditions
- The annual revenue is not greater than S$ 10 million
- The total assets for a financial year must not be greater than S$ 10 million
- The number of employees must not be greater than 50.
Similarly, group companies can also be exempted if they fall in the small group category and meet two of the following conditions.
- The revenue must not be greater than S$ 10 million
- The total assets for the financial year must not be greater than S$ 10 million.
- The number of employees must be less than 50.
Note:
- If your company falls in a small company category, you don’t need to hire an audit firm in Singapore.
- If your company is not exempted from audit as stated in the Act, then the company’s head must appoint the company’s auditor within three months.
What do these audit firms in Singapore do?
Audit firms in Singapore play the role of specialists in reviewing the financial accounts of your business.
- Legality and validity
They provide you a true view of your financial performance and ensure that all your accounts are valid.
- Compliance with guidelines
All companies need to stay compliant with the Singapore standards on auditing (SSA) guidelines. When you avail of audit services in Singapore, they will ensure compliance.
- Financial advisor
Auditors also act as your advisor in times of need, i.e., giving you advice on what measures you should take to avoid the risk.
- Check and balance
Auditing firms keep track of your financial statement; thus, keeping you updated on where you stand. All the financial activities are being monitored, which eliminates the chance for any fraud.
- Savings
This check and balance will lead you to cost savings.
Authentic audit firms in Singapore
Before trusting any firm with the insights and financial statement of your business, you need to check one thing. Don’t forget to check if ACRA recognizes the company as the audit firm in Singapore must be approved by Accounting and Corporate Regulatory Authority (ACRA).
Why should you look for independent audit firms?
The independence of audit firms from the company is the key to ensure good audits. It is important as the opinion given by the auditor will not be biased and will not be affected by the relationship with the client. After all, the sole purpose of hiring auditors is to get honest and professional ideas on financial statements.
Why use our audit services in Singapore?
WZ WU & partners bring you the best and customized solutions of audit to meet your needs. Our approach to doing the audit is innovative and has zero chances of inaccuracy. All of this will reduce the cost of the audit and increase the efficiency of the results.
With us, you will be able to gain a new and better understanding of the world of business and finances. Our work speaks for ourselves and here is why you should choose us and make the best decision for your company.
Un-biased review
The success of a business depends on trust. And we are sincere with our customers, and we never let our client’s relationships come in the way of what we do. At WZ WU & partners, you get an honest and unbiased review and keep you updated, preventing you from getting fraud.
Qualified staff
The financial accounts and everything related to your company’s audit will be in the hands of senior managers who are professionally trained. With their years of experience in this field, they will develop the best solutions for your business.
Reliability
We promise to keep all your data confidential so you won’t have to worry at all.
Cost-effective
We are known to deliver the best services at affordable rates, so you don’t set back in fulfilling your goals.
A quick and innovative approach
Auditing takes time, but we ensure efficient work and provide our clients with the audit reports on time without any delays.
