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.