The benefits of a good quality audit include increased profitability and effective implementation of corrective measures. Selecting the right business consultant Singapore for performing the audit function is critical as well as overwhelming. Read on to find out the most important factors to be considered while choosing one for your organisation.
Reputation and Experience
Fees must not be the single factor that controls the decision of choosing an auditing service. A well-recognised firm with the required expertise must be hired. The relationship with an audit firm is for the long term. Therefore ensure you are partnering with someone who has sufficient industry experience and can dedicate resources that are highly committed to the task.
Competence and Professional Scepticism
Astuteness in handling the process and an increased standard of care for the results go hand in hand while choosing the right audit service for your organisation. The two factors are essential to yield high quality judgements from the evaluation.
Ability to Understand the Business Model
The competence of the firm can be showcased through its ability to understand the business model of the organization and through application of nuances specific to the sector. The auditor must have an analytical orientation towards the process and must be able to report ideas in a cohesive manner.
Open Communication
Open, two-way communication between the firm and the auditing organisation is important. Significant issues, areas of risk and mismanagement of resources must be rightly communicated. The audit team must be able to translate the financial technicalities of the firm into effective management decisions.
Reputation and Experience
Fees must not be the single factor that controls the decision of choosing an auditing service. A well-recognised firm with the required expertise must be hired. The relationship with an audit firm is for the long term. Therefore ensure you are partnering with someone who has sufficient industry experience and can dedicate resources that are highly committed to the task.
Competence and Professional Scepticism
Astuteness in handling the process and an increased standard of care for the results go hand in hand while choosing the right audit service for your organisation. The two factors are essential to yield high quality judgements from the evaluation.
Ability to Understand the Business Model
The competence of the firm can be showcased through its ability to understand the business model of the organization and through application of nuances specific to the sector. The auditor must have an analytical orientation towards the process and must be able to report ideas in a cohesive manner.
Open Communication
Open, two-way communication between the firm and the auditing organisation is important. Significant issues, areas of risk and mismanagement of resources must be rightly communicated. The audit team must be able to translate the financial technicalities of the firm into effective management decisions.
