Small Audit Firm can assist you with Audit Requirements
There are large business audit firms in Singapore, seeing as it is the second best hub for business in Southeast Asia, only second to Malaysia. However, keep a wide path and look for a small audit firm in Singapore as such is best for a startup. It is important that you look for a local audit firm for your needs. Perhaps in future when your business has grown, you can hire a bigger, international accounting and auditing firm.
Engaging the services of a certified small audit firm to assist your company comply with the statutory audit requirements is not a daunting task. So many small audit firms will offer audit services at a reasonable cost. If your company is not a “small company” which is defined by the Singapore Law, exempted from audit, well, you will have to prepare a set of audited reports before the AGM and ACRA annual return filing. But first, find out whether your company qualifies to be called “small company.”
At times, even when your company qualifies as a small company by definition, the entity still needs to be audited for other reasons. For example, travel agency will be required to be audited due to STB requirement. Other examples include special purpose audit. Some firms may wish to be voluntarily audited for the year as well.
Services provided by Small Audit Firm in Singapore
Statutory audit is a kind of auditing required under the Singapore regulations for business. The main objective is to make sure the company makes a true and fair representation. The audit firm performs the audit by checking a sample size of records. Statutory auditing is required by law (hence the word statutory) for all companies that are not small companies.
Another type of auditing is mostly offered to small businesses, partnerships, sole proprietorship and even charitable, not-for-profit organizations. For your auditing needs, suggest to look for a small audit firm in Singapore that offers both statutory and non-statutory services. Small audit firm would keep you in compliance and give you what you need, yet at the same time saves you time and money.
Small Audit Firm can provide your company with full Business Review
Now, from time to time, you may realize that there are so many loopholes in your business. This is why you may need a full business review from time to time. This way, the auditor helps you identify the loopholes through which you are losing money and you can seal them for better operations.
This means that even if you are a small business and you are not required to prepare and file audited reports with your ACRA returns, you still need to hire an auditor in Singapore so that it can help you improve the return on investment of your business.
Hire Small Audit Firm who are CPAs only
This is very important. Every business, small or big wants to know that they are getting value for their money. Thus, make sure that the auditing firm you engage in Singapore are qualified CPAs only. It is nothing big really, but you want to know that only professionals are doing your company’s audit and they are reliable source of information that you can rely on. As such, when you start taking business actions based on the audited reports, you will be sure of making no mistakes due to an unreliable report.
It is always suggested to hire an outsourced small audit firm over an in-house auditor. Doing so is much cheaper than someone in-house with monthly salary and benefits. In any case if you are a small business, you would only require audit once in a long while and not on a monthly basis.
J Accounting Services partner with small audit firm who are CPA Singapore that provides auditing services. They can provide audit assistance specific to your individual needs.
