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Get precise and accurate financial records by hiring a top-rated audit firm in Singapore


When you are running a company in Singapore, managing precise and accurate financial records is a must. There are multiple Audit firms are available in Singapore and all of them offer a significant number of services.

Here in this article, we are about to discuss different services that are offered by an audit firm in Singapore.

Consulting service

The audit companies in Singapore offers consulting services to clients that need them. Other services like advising, process designing, training, and counseling are included in the consulting service. The aim of consulting is to provide extra value to the processes while reducing risks when achieving certain business goals. Now, the management is solely responsible to oversee the nature of such a consulting service.

Financial services

Financial service is another crucial function that can be performed by an audit companySingapore. They carry out such tasks by creating audit programs that will evaluate, assess, and recommend information that is related to the regular financial activities of the company. The act as quality advisers that ensures all financial activities are being recorded accurately while staying compliant with the law.

Operational audits

Another type of service is rendered by audit firms where risks are being calculated and control operations are evaluated in every part of the company. This function will ensure if all operations in different sections of the company are working properly and efficiently as per the management needs.

An operational audit will show if the company is meeting its shorter goals or not, and that too after using all available resources.

Compliance audits

This audit is carried out to check if the compliance program is being properly followed or not. By assessing the management, the auditors will come to know if the current program will take the company forward or will deteriorate the company-employee relationship or invoke foul behavior among the employees. All of them are very serious issues that can easily put your company’s image in peril and that is why the auditors need to ensure that the company is handling their responsibilities.   

Investigations

A Singapore audit firm will help you to carry out investigations of the company if the management senses some foul or unlawful businesses. The professional auditors are experienced enough to conduct a thorough investigation to check if any bad business practices are going around or have been conducted previously.

5 Steps of the audit process in Singapore

The procedure of auditing is not the same for every business as the rules are different than one another. But even after then, there are some fundamental steps or we can say ‘common auditing steps’ that involve every auditing process.

Financial documents

Once you agree with a specific audit firm, they will appoint an auditor.

Your company needs to provide the auditor with the following:


  • Receipts
  • Bank statements
  • Ledgers

Audit plan preparation

The information and documents provided in the first step will be thoroughly verified by the auditor, which will determine how the later proceedings will be conducted.

Opening meeting

After preparing the audit plan, the auditor will invite the management in an open meeting. In this meeting, the presentation of the scope of the audit will be shown.

Fieldwork

The final audit plan will come after the meeting is concluded and after that different types of tests will be carried out by the auditor to review the final documentation.

Report drafting

After completing the fieldwork, a well-detailed report will be generated that will contain the results of the audit. The report will contain all the problems and then the auditor will provide solutions.  

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Location: Singapore

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