Singapore audit firms: How to choose an audit firm for your company

Audit firms are those companies that take care of your company’s financial report to keep you government compliance. Their job is to check if you are following all the legal regulations about Finance, Information Technology, and other tax audits. The audit firm is not just a third party that manages your annual or monthly report, but they also check the authenticity of the generated report. Though most of the large companies can afford their in-house auditing employees, it would be irrelevant for the small or the new companies to think about taking a huge step like this and that is why they should hire an audit firm in Singapore. Besides, it’s not that all the giant companies have their own audit department as they outsource these services too.

But, while hiring an audit firm is important for a company, it is equally important to be very precise while selecting them too. If you don’t hire an audit firm that is reliable and experienced then it will cost both your time and money.

Since all of us want to hire the best audit firms, here are a few tips that will help you to choose accordingly.

Qualification and experience

As mentioned above, taking care of your finance section is not only about filing taxes. So, while you are investing your precious time and money to find the best audit company Singapore, you must make sure that they have all of the employees are highly qualified and the firm can oversee your best interests professionally. The first thing you must look for is a valid license number that an accountant should hold to be worthy of a public accountant. You should also know how many charter accountants do they have in the company and what are their qualifications. These queries will give you a broader idea about what type of services you are going to get from them.

Then the most important thing to look for is the experience of the audit firm as if they have been in the business for too long that means they know the business very well. If you are not good enough, it is not easy to be in the business for a long time, at least not in Singapore, where there are several other options available. So, if they are doing for business in Singapore soil for 20 years or so, you can trust them to handle your account like a pro.

Size of the firm

It may sound unusual, but if you are a large company then it would be a wise decision to hire a medium size audit firm as they will always try to provide you with the best services. This will be a golden opportunity for them to grow bigger and they will leave no stones unturned to give you the best quality services by indulging their most skilled employees, which is exactly what you been looking for.

Yes, there would be a risk, but if you make sure that the firm has more than enough experience to handle a big company like yours and your best interests, you will be on the winning side.

Current clients and reputation 

If you know any of their clients who have been there for years and they are getting good services, it means that you can trust in the company. If an audit firm is not good enough then you will hear about it in the corporate sector and if people are recommending them and praising them, it means that they are reliable and can provide ROI.

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WZWU Joined: December 26th, 2019