Tuesday, November 19, 2013

What is Statutory Audit in Singapore?

In Singapore, statutory audits refer to the auditing carried out needed by businesses linked with the filing of their annual reports and other financial statements with the ACRA. Statutory auditing is needed under the requirements of the Singapore Companies Act. A good audit company Singapore businesses should look for is one that can offer them quality audit services, including statutory auditing. A good audit company is one that can ensure that the information you show as a business owner in your annual reports is both comprehensive and accurate. Investors, regulatory bodies, consumers and creditors laud companies that are transparent, and a good auditing company will make sure of this.
A good statutory auditing can be carried through a risk-based audit approach. Under this approach, an auditing firm will use a quality and updated system to complete the auditing. The auditing firm should abide with the most current of guidelines and regulations under the Singapore Auditing Standards. As a client, you must ensure that the auditing services you will get are going to be completed through rigorous professional standards. An effective auditing firm is one that can evaluate and test important control areas and provide advice to the management of any issues they will find.

A great audit firm Singapore will be able to establish a good working relationship with their clients. Clients must be made to understand that auditing is not a threat; rather, it is a means to discover possible threats to the health of the company. An audit must be of the highest quality and to have this, it must be conducted by experts who are passionate about auditing and passionate about helping their clients. They must value the business as much as their clients. A good auditing company is committed to quality. Without quality, excellent client service cannot be delivered. With quality, clients must understand that auditors need to be as thorough as possible. They may even become so detailed with their risk assessments that they will understand what makes the businesses of their clients tick.  Good auditors understand that sometimes the firm's financial interests can threaten the integrity and objectivity of the business, and they are there to prevent that because of the negative consequences associated with unethical businesses. Ethical standards improve the life span of businesses and auditors are there to ensure these standards are observed. Hiring a good auditing firm is a must for a business that wants to thrive for a long time. 

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