Posts archive for January, 2021

Choosing a reputable audit firm in Singapore can be likened to choosing a business partner. The success and credibility of your business heavily rely on the audit firm that you settle for just as it is with a business partner. Accounting and auditing firms in Singapore offer an array of services such as tax filing, bookkeeping and accounting tasks, advisory services and more. As a general rule, it’s advisable that you hire an audit firm in Singapore that’s credible, dependable, and has the required expertise to handle financial records.

Lack of proper financial management can potentially lead to business failure and that’s why it’s vital that you work with a reputable audit firm instead of just working with an individual. An audit firm has in place a team of professionals that are well versed on a number of professional services and engaging them can be quite cost effective. Hiring the right audit firm in Singapore has the potential of bringing a positive impact on your business operations overall.

Here are some of the things to consider when choosing an audit firm in Singapore;

Specialization

A good auditing firm should be able to provide a range of corporate services such advisory, accounting, tax filing, tax planning, financial reporting and more. The audit firm that you engage should have a team of professionals that are experts in their various corporate services fields. When you hire such an audit firm, you not only benefit from business advisory services but can be assured that your financial records will be accurate and capable of revealing the true status of your company.

In depth knowledge on taxation

Income tax filing is a statutory requirement that companies should adhere to and failure to abide by such has the potential of attracting penalties. When choosing auditing services in Singapore, you should find out if they are well versed with taxation issues. They should be well versed with taxation information and tax laws. Ensure that you engage a firm that’s capable of doing accurate company’s financial reporting according to IRAS tax regulations. The firm engaged to offer auditing services should be well versed calculating tax liability, and should also ensure that compliance to statutory obligations is observed.

Qualifications and Credibility

Qualifications of the personnel working for the firm that you choose to engage for auditing services in Singapore is another key factor to consider. You should take time and get to know the level of qualification of those entrusted with working on your financial record. You can be assured of quality service if the firm has in their team CA professionals as that’s proof that they have the qualifications and required expertise to do your auditing work effectively. Apart from the qualifications, the ideal firm should be well versed with companies Act regulations in Singapore

Proven expertise is quite critical and should be ascertained before settling on the perfect firm that’s offering auditing services in Singapore. Factors such as fees and level of experience are also vital and should be considered when choosing auditing firm in Singapore

Originally published by onestop-audit.com

Apart from fulfilling regulatory obligations as required by ACRA Singapore, another key reason for engaging an audit firm in Singapore is to provide reasonable assurance that the financial records are accurate. With a huge range of audit firms that purport to provide satisfactory audit of financial records; working with a reputable firm such as Onestop CA Singapore can be of great benefit to your company.

Onestop has an audit methodology that focuses first on having an understanding of the client’s business then goes ahead to identify some of the key risk areas to focus on. The audit firm in Singapore has a team of accounting and audit professionals that proceeds to undertake an assessment and analysis of the accounting records so as to evaluate the effectiveness of the company’s internal controls on those risk areas.

This process is then followed by determining and managing any audit risk that might arise from the evaluation undertaken. An additional assessment and a performance of additional audit procedures can then be undertaken before offering advice. Such a detailed assessment and analysis of financial records require the engagement of an audit firm in Singapore that has the in place a team of CA professionals and the technological infrastructure that helps in ensuring all of the tasks are done in a transparent and seamless way.

Such an approach to evaluating unaudited records helps with ensuring that the audit task is carried out in a timely and efficient manner without neglecting any key material or risk areas. Onestop CA Singapore is well known for their high quality work with their diverse portfolio consisting of both local and multinational corporations. The team has a great balance of business and technical knowledge that makes it easy for the audit firm in Singapore to serve various industries effectively.

Here are some of the reasons for engaging Onestop CA Singapore;

Integrity, Professionalism and Objectivity

The hallmark of Onestop Audit practice is based on integrity, objectivity and professionalism. This reputable audit firm in Singapore has a dedicated team of competent professionals that work actively with clients to ensure that the financial records are accurate and with no loopholes for mistakes. Some of the areas given emphasis when it comes to undertaking internal audit for companies include;

• Assessing and evaluating the internal control structure and processes.
• Identification of key risk areas and the controls that are lacking and should be put in place.
• Re-engineering of the cumbersome and unclear processes so as to achieve cost maximization and operation efficiency.
• Constant reassessment of key controls and identification of the new processes so as to ensure that they remain relevant to company needs.

In-depth Analysis of Financial Status

If you’re considering acquisition of any property and in need of in depth analysis of the financial status alongside any risk issue associated with the acquisition then you need an audit firm in Singapore that’s capable of investigating and evaluating any investment opportunity that your company is interested in. Onestop CA Singapore is capable of observing due diligence in such matters. The firm has a team with multi-disciplinary expertise and is capable of uncovering every major risk and with the ability to validate every value driver by practicing a rigorous due diligence process so as to ensure the client has valuable information that can help with clear decision making process.

Originally published by onestop-audit.com

Internal auditors are viewed more like the company’s watchdog. Their tasks are diverse and generally entail objectively examining the accounting records and financial documents of a company. They also engage in reviewing operating procedures, risk management functions, regulatory compliance, security processes, and such within the various departments. To ensure that your internal controls are effective and the financial processes flowing as required; it’s advisable that you consider engaging a reputable audit firm in Singapore for internal audit services.

Having an internal auditor can be of benefit to an organization in diverse ways. Internal auditors are also tasked with the responsibility of looking for discrepancies that lie between the operational processes and what the processes are designed for. Once such discrepancies are identified, they are expected to advice the senior management on the processes that should be implemented. The work of an internal auditor helps with ensuring operational efficiency and financial reliability and also acts as a safeguard to the assets.

Here are some of the reasons why internal audit is important;

Increases Productivity

The objective of internal auditor is to engage in consulting activities that are designed to add value and also improve company’s operations. Such a move can help a company to realize their strategic objectives by undertaking a systematic and disciplined approach towards evaluating and improving governance processes, risk control and management. Engaging an audit firm in Singapore such as Onestop for such services helps with ensuring that innovative measures are put in place to ensure that the financial records are accurate and beyond reproach and that has the potential of increasing productivity.

Enhances Confidence in Stakeholders

It’s the duty of the internal auditor to report to the executive management that important risks have been effectively evaluated and necessary improvements taken into consideration. Such a move helps with enhancing the stakeholder’s confidence as they get to develop the confidence that the executive management is doing their work on behalf of the stakeholders effectively.

Detection of Fraud

Instead of waiting until the external auditors perform their annual audit; having an internal auditor can greatly help with detection of fraud and that makes it possible for the necessary measures to be taken early enough. Regular internal audits help with assessing company’s controls so as to uncover any evidence of waste, abuse or fraud.

Quality Control

Internal audit combines both assurance and consulting tasks. Assurance entails informing the management on how well the processes and systems are designed and how it helps with ensuring company’s goals are kept on track. Consulting entails advising the management on how the systems can be improved; the processes to be followed and if it’s necessary.

Good Corporate Governance

Internal audits help with the evaluation of a company’s internal controls including the accounting processes and corporate governance. Working with a reputable audit firm in Singapore for such tasks helps with ensuring compliance that the laws and regulations are observed. It also helps with ensuring that timely and accurate financial reporting is observed.

Working with a reputable auditor in Singapore for internal audit services helps with ensuring that operational efficiency is maintained by identification of problems and making the necessary correction before an external audit is undertaken.

Originally published by onestop-audit.com

The requirement for companies registered in Singapore to be audited if they meet a certain set criteria is not only beneficial to the government but to the individual company as well. Having your company’s financial statements audited by a reputable audit firm in Singapore is likely to be the cornerstone of confidence not only to the government or the financial institutions but to the stakeholders as well. Auditing of financial records provides the assurance that the management has presented to the relevant bodies the true and fair view of the company’s financial position and performance.

Due to the importance of auditing, queries get raised often about the audit methodology, the audit firm and the stakeholders involved. The filing of audited financial records therefore provides that useful background information on what the financial position of the company entails. Audit practice consists of assessment and evaluation of the financial records with the intention of expressing opinion on whether the records are accurate and well presented. When you engage an audit firm in Singapore for auditing purposes; their performance has the potential of impacting on the credibility of your audited financial records.

In order to enhance the degree of confidence in your financial statements; it’s advisable that you engage a reputable audit firm in Singapore that clearly understands your business and is capable of carrying out a rigorous audit process that potential investors, lenders, suppliers and all the stakeholders are likely to find to be satisfactory. Apart from engaging in active assessment and evaluation of the financial records; undertaking a rigorous audit enables those involved to identify insights on areas where the management can improve the business processes or control.

The audit firm in Singapore that’s engaged for the task should be able to effectively communicate control deficiencies to the management and those charged with the task of governance. Communicating such may help with adding value to the company and may also enhance the overall quality of the business processes. Here are some of the ways in which auditing enhances credibility and good financial management of a company;

Auditing takes into account Evolving Factors

The auditing environment is a key factor that influences the quality and credibility of the financial records. When engaging an auditing firm for the task of undertaking auditing of financial records; it’s vital that a company takes into consideration matters that impact on the auditing process and environment. The changing legal and economic environment can have significant implications on a company’s operations and financial reporting. Any changes that might arise such as changes in the business, economy, laws and regulations tend to increase the risks affecting a company and such require adequate response as well as disclosure in the financial statements. When you engage a reputable audit firm in Singapore such as Onestop CA Singapore; you can be assured of a financial reporting that takes into consideration the evolving factors that has the potential of impacting the company.

Financial Reporting

When it comes to auditing and financial reporting; it’s important to note that the audit firm in Singapore that’s engaged for the task should be able to express their opinion and also indicate that reasonable assurance has been obtained that the financial statements are accurate and free of any fraud or error and that’s presented in accordance to the relevant accounting standards.

Originally published by onestop-audit.com