How to select the right audit firm?

by Shiwani Saini SEO Manager

An auditing firm for your business is like a long-term business partner who you will work with year after year. Therefore selecting a proper assessor is of prime importance. There are numerous key qualities you should look for when choosing an accounting service provider for your company.

Ø Confirm that the Singapore audit firm you’re searching for is trained. You need to ask for proof of their training and qualifications which certifies them to perform the assessments of your organization.

Ø It is a good idea to have just one firm for all your assessments to cut down on time and money. A lot of time would otherwise be wasted on looking for a fresh group and familiarizing them with your business model and requirements. A single assessor is able to perform a number of assessments simultaneously.

Ø Choose a firm that has a well-recognized name because that would mean that their audit services have helped establish certain standards for auditing and assessment. A new firm or one that is just growing may cause your report to be viewed skeptically.

Ø Make sure you look around to choose an auditing firm with who you are able to negotiate prices unless you are paying a fixed amount. Preferably keep it fixed. Always speak with senior partners and get to know the firm thoroughly. Get introduced to the person employed to handle your account on a regular basis. If you are not comfortable working with them then think twice.

Ø Look for an auditing firm that is experienced in your particular area of business because that will make the process more straightforward. This will help your organization to save time, money and effort.

Form an audit committee to help you screen auditing firms. They should know:

§ what audits maybe required

§ how the audits should be done

§ Create an appraisal standard that can be used to make comparisons.

When selecting an audit firm remember that though the price is important, you should also be concerned about the qualifications, experience, services offered, reputation and client support. Once you are sure about all this you can confidently choose a firm.