Auditing (2017 Update)


February 9, 2017 Facebook Twitter LinkedIn Google+ Latest News



Auditing (2017 Update)

 

Hiring an Auditor- Things you need to Consider

Every corporate as well as a not-for-profit entity needs to audit its financial information. The dynamics of both the instances are different, but the goal is the same. This goal is to audit and investigate the financial information. An audit, if performed effectively, can help increase the standing of your company. You’ll be seen as someone who regards financial norms to the utmost. Even a voluntary audit can come handy, but prior to that, a cost-benefit analysis would surely help. Voluntary audit is the one that any statutory law does not require.  Thus, the company performs it to be sure of certain segments of the financial statements it prepares. It is different from the statutory audit, which, as per law,  every organization performs.

As the financial year-end approaches,  entities who don’t have the services of an audit firm tend to scratch their heads in dismay. Getting an auditor on board at such a short notice can be an extremely painstaking process. To do things effectively and timely, you need to hire an auditor.  To start with, first check whether an individual auditor would serve the purpose or you need to hire an audit firm. In most of the cases, you’ll have to hire an audit firm. This is as individual auditors cannot audit financial statements on their own. It’s an audit firm that does this. Therefore, you first need to get this one right.

 

Auditing References Matter a lot

If you’d like for quality services, then references play a pivotal role. If you haven’t had the experience of working with an audit firm, then instead of going with the reputation, you should seek references from other entities etc. Make sure to list your requirements and seek guidance accordingly. Industry-specific companies should be contacted, as they’d be more coherent in terms of the audit requirements you’re entity may have.

Before hiring an audit firm, make sure to discuss your requirements with them. For instance, audit of corporate organization is different from a not-for-profit entity, therefore, you need to be sure of what you require. If you think a particular area is more susceptible to fraud, then you need to let the auditor know about it. An effective audit can surely ease your nerves, and if this is what you’d like for, then you need to act accordingly. Remember, you’ll only reap what you sow!

 

For more financial advice, such as on auditing, feel free to make an appointment with the best licensed money lender in Jurong. Our friendly staff is always ready to answer any queries you have, so contact us.

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