Things to Consider Before Hiring an Auditor

hiring an auditor

State Laws have made is compulsory for large business owners to get their accountants audited at least once a year which is why if you small scale business I growing rapidly then you definitely need to start thinking about hiring an auditor. Most large scale, multinational companies go for the audit firms but if you are small to medium sized business owner who is looking for auditing services in Singapore for the very first time then you definitely need to do some research.

There are some great auditing services Singapore that you can hire for your business but there are few factors that you need to consider before you jump right into any conclusion. Hiring an auditor isn’t going to be cheap so it is definitely a decision that you want to make right.

So in today’s article we are going to talk about some of the factors that you need to consider before hiring an auditor or an audit firm. Considering these factors will help you figure out whether the person or the firm is right for your business or not. So let us go ahead and look at them in detail.

1.      Experience

The very first thing that you need to consider is the experience. It is important to find out whether the auditor has in the experience in the relevant industry or not. You want to go with an experienced auditor and you can’t afford any mistakes or drawbacks.

2.      Competency

Competency is another factor that you need to consider before making any decision. An auditor may have the experience but it is also important to consider whether he is up to date with the new technology and advancements or has enough manpower and time to invest in your business. As he is going to become a part of your company so you need someone who can fit in right from the start.

3.      Independence

Independence is another key factor. The company’s law in every country and state require the auditor to be independent so that he can provide a true and fair view of the financial statements without any bias or personal interest. Plus a shareholder you definitely would also need an honest review to judge the performance of your company.

4.      Licensed

The law requires the auditor or the audit firm to be licensed before they take on any clients. So as a client you definitely need to make sure that your auditor is licensed according to the requirements so that you don’t end up choosing an illegal audit firm.

5.      Budget

Your budget also defines the auditor that you would go with. Some of them are quite expensive as they offer much better services than the other. So you need to fix your budget before you go auditor hunting to know how much you can afford or what you are willing to pay to get your book of accounts audited on yearly basis.

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