Audit Preparation Service
What You Need to know
Audit preparation is a course of action that you need to undertake before the start of your annual audit.
Regardless of the size of your company, undergoing an audit in Singapore can be very challenging, most especially if you were unable to prepare for it. This process requires the thorough examination of all your financial records. Here you have to make sure that all your documents and books are in order before an independent auditor arrives.
In Singapore, strict compliance of auditing regulations is enforced. This means your company has to prepare well before the start of the audit process so that everything goes smoothly. Hence, it is important to hire a company that has the experience and knowledge about financial, including auditing preparation to ensure an efficient audit process. Some benefits includes:
Time Saving
We make preparation process more efficient because our team already has a system in place to do audit preparation. We will ensure that when the auditor arrives, all are sorted out and ready.
Cost Saving
We will ensure that documents are ready for the auditors which allow for fast audit process reducing the need to pay huge auditing fees caused by documents delay.
Looking for Third Party Audit Preparation Service?
Engage us and be assured of a worry-free and effective audit process.
Frequently Asked Questions
Firstly, you need to identify the contact people of the departments that are under audit. The auditors may need to consult and talk to them to clarify things. If you hire an independent firm to do your audit preparation, they will be the one to entertain questions and provide explanations to the auditors.
Another type of preparation you need for the audit involves organizing and compilation of all work papers necessary in examining the company’s financial situation. These documents include business receipts, invoices, debt agreements, leasing contracts, correspondences, and other work-related materials. It is also important to provide copies of all these documents to the auditor.
Lastly, you need to reconcile all account balances. This entails reviewing details of all bank records, accounts payable, accounts receivable, and other vital accounts.