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Audit & Assurance Services in Singapore

Audit & Assurance Services in Singapore

Audit services in Singapore: Audit & Assurance

At any enterprise, there is a need for an audit from time to time. Analyzing income and expenditure, correctness of reporting, and completion of accounting documents and transactions require detailed study and time. Staff members handled internal audits earlier, but now, with new technologies, organizations can no longer cope with such methods. Audits are carried out on a global scale using highly skilled professionals from third-party companies.

The practice of many successful businesses shows that it is more efficient to hire a team of audit services in Singapore through outsourcing. That is, by redirecting the responsibilities of your staff, eliminating the need to hire a large number of auditors in-house. It is favorable, fast, and does not require large financial outlays.

Audit and compliance in Singapore

Today, internal audit of companies involves:

risk management;
identification of fraud cases;
monitoring procedures necessary to protect the company’s assets;
keeping dynamically updated IT systems up to date.

The cost of maintaining an entire staff of auditors, IT audit, risk management, and cybersecurity specialists increases accordingly. The internal audit function can only be truly effective if at least one of these specialists is on staff.

How to hire already trained specialists and provide them with decent remuneration when you need to optimize processes and costs? It is a painful question for many organizations. This is where the plan to fully or partially outsource tasks and turn to the services of auditing organizations comes in handy.

Auditing services for small to large companies

Internal and external audits are necessary in small organizations and larger ones. If you carry out audits independently, you will lose out to other firms competing in your niche. The fact is that it requires additional morale, time, energy, and money.

Thus, companies face new challenges. These are:

attracting and retaining qualified employees;
access to advanced internal audit techniques;
ongoing training and support for professional certification;
the ability to attract specialists with international experience;
ensuring the independence of the internal audit function and much more.

Moreover, there are different types of audit. For example, tax audits or audits of financial statements at the end of the calendar year, which also requires the creation of additional structural units. By redirecting responsibilities and ordering outsourced professional auditing services, you will be able to identify growing problems in the company, and you will easily find errors in reporting and begin to correct them.

Assurance services

The compulsory audit of an insurance company must be carried out annually in accordance with the statutory regulations. This is one of the most complicated types of complex audit procedures. The difficulties lie in the special specifics of the activities of organizations engaged in insurance. Only specially licensed experts assurance services in the field of audit can conduct it.

Insurance audit can be external and internal. Professional auditing services of the company begin with the verification of statutory documents, registration certificates, and issued licenses. The system of bookkeeping accounts and principles of internal control, which are applied at the insurance company, are also studied. It is up to the auditor to choose the methods by which the study will be conducted.

Business Advisory

Newcomers in business can also turn to the services of consulting firms, after which they can draw conclusions and plan further actions. If you contact an audit firm in a timely manner, you will ensure that you have:

confidence in your business on the part of partners, banking structures and credit organizations;
effective internal control of many processes, including minimizing data leakage as a result of fraudulent schemes;
Establishment of relations with the tax authorities and reduction of claims from them;
identification of the company’s hidden reserves, realization of opportunities to legally reduce the tax burden.

Special audit services include all types of audits – it is an audit of specific issues of the client’s activities in terms of compliance with certain procedures, rules and regulations. For example, correctness of tax reporting, utilization of special funds, environmental, operational audits.

Audit financial statements

There are changes in the external and internal environment of companies, increasing complexity of information technologies and internal processes, more stringent requirements for the organization of internal control, audit and corporate governance systems. All these factors demand from the organization’s management to raise the standard of professional quality and quantity of internal audit staff or to hire specialists to fully check the financial statements and make sure that everything is going properly.

According to the identified problems with deadlines, monetary amounts or untimely filing of documents, it is worthwhile to start working on the errors. Accounting services and reporting requires accuracy and reliability of data, and outsourcing to an audit firm ensures that any company problems are identified through careful analysis. They can even contribute to the cyber security of the company.