May 2, 2013 by SCS Admin | Permalink
An external audit is conducted not to ensure that the financial statement is 100% correct. Neither is it done to find any fraud in the company procedures. Read the rest of this entry »
April 30, 2013 by SCS Admin | Permalink
Singapore standards on auditing are based on the International Standards on Auditing (ISA). Changes have been carefully considered for local applicability. Therefore, in effect, there really is no significant difference between international standards and the local provisions of Singapore. In principle, they are one and the same. Read the rest of this entry »
April 28, 2013 by SCS Admin | Permalink
In the corporate world, a company needs to outsource personnel for tasks that are due for a certain period of time. In that way, they would be able to collaborate with other service oriented companies for fast, reliable and accurate results. Read the rest of this entry »
April 24, 2013 by SCS Admin | Permalink
Most of the time, a company’s success is anchored on the performance of its employees. The organisation that has trustworthy and reliable employees is therefore expected to find its path to success with ease. Read the rest of this entry »
April 18, 2013 by SCS Admin | Permalink
The notion of trust is always an issue in most organisations. Luckily, some companies have loyal employees who are gifted with ethical work practices. Unfortunately, a few other business entities remain victims to deceitful employees who prioritise their personal interests over their company’s welfare. Read the rest of this entry »
February 28, 2013 by SCS Admin | Permalink
When it comes to getting an audit in Singapore, there are not many companies out there that understand the standards that go into an audit. A person that is facing an audit by the government is going to need to hire someone who understands that audit process and make sure that it is done correctly. Read the rest of this entry »
February 21, 2013 by SCS Admin | Permalink
Audit firms in Singapore provide a valuable service. An audit is a review of something. In most cases, it refers to reviewing the financials of a company. There are several different types of audits, for example, internal audits and external. Internal audits are done within a company, external are done using an outside auditor. Choosing a firm and having them check records regularly has numerous benefits. Read the rest of this entry »
February 14, 2013 by SCS Admin | Permalink
When running a business, it is vital that you follow the rules and regulations that the government has put forward. Failing to follow these laws could cause major problems for the company in a way of fines and sanctions. Bringing in an external auditor goes a long way in ensuring that your financial records have been reported properly. Read the rest of this entry »
February 11, 2013 by SCS Admin | Permalink
Audit firms in Singapore face huge issues and challenges in retaining good staff and increasing productivity. The Singapore government provides incentives to increase productivity via grants such as the ‘productivity and innovation credit’ grant utilising tax deduction (68%) or cash grants (60%) as there are tighter control over supply of talent foreign accountants to Singapore.<!–more–>
Capable accountants are shortage for audit firms, and there are high moving on of jobs by talented accountants to other big audit firm, banks or commercial institutions once they have mastered the audit skills. The nature of audit is tedious work and requires a lot of skills set such as :
(i) Project management;
(ii) Great communication skills between clients, supervisors and others;
(iii) Good accounting and auditing knowledge;
(iv) Meeting tight deadlines for reporting;
(v) Handling issues arise;
(vi) Coach staff, and more.
The only opportunity for an audit firm is to have good retention policy, proper and constant staff development, good company culture, and good remuneration package for staff creating a “win-win” situation for all parties.
The audit staff’s attitude determines the company’s altitude. Individual academic qualification do not matter that significantly in audit field. Attitude should be a more valuable factor to fasten one’s career ladder to, as it is a long journey for an individual in the tough accounting career.
Audit firms have always tried to create and influence audit staff attitude (creating such company cultures), so as to achieve organizational goals—both the short and the long.
Audit firms perform audit of the companies for the following reasons:
(i) Compliance regulatory requirements to file audited accounts;
(ii) Different stakeholders requirements (e.g. Owners/ Shareholders, partners, suppliers, customers and etc.);
(iii) Compliance with certain statutory board (e.g. Housing Development Boards, Building Construction Authority, Singapore Tourism Board and etc.);
(iv) Bankers requirement for audited financial statement
There are more to the above-mentioned for the users of audited financial statements, and auditors owe a duty of care to perform good audit tasks for companies that engage in their professional services.
It is important for an audit firm in Singapore to have an international name attached to it, as international affiliation for accounting and audit services are require by a lot of companies in Singapore, who have presence and require such services around the world, especially the Asia Pacific region.
There are several differences between auditors and accountants and they can be summarise below:
| Skills Sets | Accountant | Auditors |
| Numbers | Count by cents | Count by dollars |
| Multi-task Skills | Good | Very Good/ Excellent |
| Problem Solving | Good | Very Good/ Excellent |
| Working Hours | Normal/ Some OTs | Very long |
| Stress Level | Average/ Above Average | Stress/ Very Stressful |
| Pay Increment | Average | Fast |
| Promotion | Average | Fast |
Above is a summary of the general understanding of accountants and auditors in Singapore. Therefore, it is good to join a good Singapore audit firm like Singapore Corporate Services that will provide you with good training, good company culture and good staff benefits.
If you fail to plan, you plan to fail. This is true for any auditors and it is important to do planning for any audit engagements. Auditors need to plan every day what task or section to complete first, and how to allocate or delegate the jobs, what information to get from clients, what information is still lacking, what to ask supervisors, when to submit reports, and the like.
Project management converts into the most critical part for any auditors in Singapore. SCS, an audit firm in Singapore place great emphasis on project management and do great training on this essential part that is require by the auditors in Company.
To get audit license in Singapore will get tougher and tougher with the rules going for a change. Currently, no test is required and everything is based on submissions of relevant documents. Approval will be given if the candidate has sufficient working experiences and good working testimonials.
Going forward, there will be tests for the candidate and may be subject to interview before approval will be given. There will be shortage of licensed auditors in audit firm Singapore.
The only way to get faster promotion and faster pay jump is to work hard and work smart! The nature of auditor life is stressful and very stressful, indeed. Mindset and attitude determine everything and auditors need to have those work-smartly-and-efficiently and work-very-hard attitudes in order to strive faster and climb higher in their audit career.
A good audit firm in Singapore generally needs to think about their remuneration and promotion package in order to think about how to rewards young auditors which work very hard and work smart.
Contact us today to learn more www.scs-cpa.com
February 7, 2013 by SCS Admin | Permalink
When running a business, it is vital that you follow the rules and regulations that the government has put forward. Failing to follow these laws could cause major problems for the company in a way of fines and sanctions. Bringing in an external auditor goes a long way in ensuring that your financial records have been reported properly. Read the rest of this entry »
