Things You Need to Consider When Looking for an Auditing Firm
Getting the best auditing firm to help you in your business transactions is important. Here are some of the tips.
Accurate financial reports will always ensure a smooth business transaction. Most of the small businesses rely on the use of financial software to keep their financial records. However, if you own a large business, it can be challenging to keep track of all the business transactions taking place within your company. You will have to look for a reliable accounting service so that they will help you with accurate record keeping for your business. When you begin looking for audit services in Singapore, you will find a large number of auditing firms and you can be undecided about the firm you need to choose. Here is a quick guide on the tips of selecting an auditing firm.
Who is Qualified to be an Auditor?
In Singapore, a person who is registered as a public accountant is the only one qualified to offer auditing services to a company. The accountant will make sure that the audit has been carried out according to the standards set aside in Singapore and it should meet the appropriate requirements.
Given that Singapore is a financial hub, the public accountant plays a great role in ensuring that the companies are meeting all the standards set aside by the government. The government has put aside a number of measures to ensure that the public accountants carry out their duties in a responsible manner. Such measures include:
» All the public accountants in Singapore must be registered with the Singapore regulatory body
» Period reviews are usually carried out by ACRA accountants to ensure that the audits are in compliance with all the relevant requirements
Understanding Public Accounting
Public accounting refers to the process of issuing a report in accordance with professional standards. Public accounting is viewed as a group of accountants who serve businesses, organizations, and legal firms. The public accounting offer services such as the review of the historical statement and other related services.
Qualifications for a Public Accountant
A public accountant refers to a person offering accounting services. They carry out the audit of the financial statements and ensure they are in line with the Accounting Act. For a person to be registered as a public accountant, they must meet the following criteria.
» Should be above the age of 21
» Have a practical accounting experience
» Be members of any accounting organization
» Knowledge in the local laws
» Have relevant professional education
How to Find a Public Accountant in Singapore?
1. Referral- Referral is the best option when you are looking for a public accountant. It can come from the family members, your business colleagues, and the financial advisors.
2. Carrying out an online search- You can easily carry out an online search for the top audit firms in Singapore.
3. Use a company secretary- You can also ask for recommendations from the company secretaries.
Before using the audit services in Singapore, you can carry out an assessment of the audit firm. You will be able to obtain information such as the location of the business, the staff, and the behavior. You can easily determine whether you can work with them or not.