Reasons to Hire an Auditing Firm in Singapore
Auditing primarily helps in evaluating a company’s financial standing. A strong internal audit team plays a pivotal role in achieving the goals of a business. The companies often have an in-house auditing department comprising of team of auditors. This team ensures that the company’s financial statements are compliant with the regulatory requirements of the governing bodies. In addition, they also make sure that the financial statements presented by the company, to its stockholders, are free of errors.
Having an internal audit team is a good strategy, but sometimes an external audit firm is required to view the company from an objective viewpoint. There are some instances in which only a certified accounting and auditing firm in Singapore can check a company’s accounts books. The reason is that the staff at these firms has tremendous experience in their respective domains. They have an idea of the methods of maintaining and auditing the books of the company in a systematic way. Apart from the one given, there are many other compelling reasons to hire an audit company in Singapore.
- Tailor-made Auditing Services – Singapore audit firmsare not only limited to financial auditing. They offer a host of other type of audit services such as financial audits, operational audits, forensic audits, rental audits, statutory audits, information system audits, integrated audits, etc. To make things even more appealing, these firms provide customized services for their clients.
- Investors Confidence Increases – Audits conducted on companies by audit firms in Singapore, add credibility to the company’s profile. It increases the confidence level of the shareholders and investors. The trust factor of the company rises.
- Pinpointing the Weak Areas – Auditors of the audit firms Singaporeare the professionals who run a fine toothed comb through the all the financial books, and if they detect any loophole, they bring it in front of the management. They also advise measures to overcome the issues.
- Avoidance of Fraud or Money Laundering – When a business owner or management finds any financial irregularities, fraud, or money laundering within the organization, they can take help of investigative or forensic auditors of auditing firms in Singapore. They have the expertise in investigating fraud and presenting evidences in a court of law, against the accusable.
- Compliant-friendly Service: When you engage an audit company Singapore, you can expect to get quality auditing services, which are compliant with the laws of Singapore Financial Reporting Standards and regulations of ACRA.
To be precise, an audit helps in identifying risks, which may be the hindrances or obstacles for the growth of an organization. It also aids in ensuring effective financial reporting, and in complying with the regulations of ACRA, SFRS, and Singapore GAAP.