Full Scope Company Audit Services with OTW in Singapore

Singapore’s economy has exceedingly embraced global competition thus encouraging companies to outdo their competition. A company needs to have a proper accounting mode that clearly states it complies with laws and regulations so it may be able to advance in the long run. They have to ensure and employ a competent and trustworthy auditor. One of the established audit and accounting firms which understand the company’s audit services is Ong Tong Wang & Co. This article will explain what is meant by an audit of a company in detail, explain the services offered by OTW and why it is preferred by companies in Singapore for all their auditing needs.

Importance of Audits in a Company Audit in the Singapore Context

An audit is the process of evaluating the entire procedures of any company’s accounts and its transactions, books of accounts, and financial reporting systems to ensure that these are in order. Companies in Singapore conduct audits in line with the provisions made by the Accounting and Corporate Regulatory Authority (ACRA) and adhere to the Singapore Financial Reporting Standards (SFRS). The investors, creditors, and stakeholders are assured by the files created and other documentation in the early stages of construction and maintenance. For small businesses and large business organizations, periodic audits highlight the culture of value and responsible governance issues in corporate finances.

Learn what OTW company audit services entail

OTW has engaged in a variety of company audit services as part of the efforts to facilitate compliance, transparency and efficient operational flow. With several decades of experience in the audit and accounting practice, we intends to conduct audits that are not only regulatory. Their audits are particularly focused on the strategy of each client, intended to assist improve financial practices, decrease risk management, and propel business advancement.

1. Statutory Audits

In Singapore, many companies are legally required to conduct statutory audits and these audits are an important factor in achieving the company’s compliance with local laws and standards. OTW’s certified auditors review financial statements, drafts and accounts to assurance standards and review the adherence to SFRS compliance. As a part of its services, we enables customers to fulfil statutory requirements by thoroughly evaluating their accounts, hence eliminating the chances for penalties and gaining the confidence of stakeholders

2. Internal Audits

OTW’s internal audit services include financial health and internal control improvement measures. These are forecasts that assess how effectively a company is managed and operates and aid in the identification of inefficiencies, the evaluation of risk exposure and the suggestion of changes to operations. Companies with good internal audit practices such as OTW are able to reduce wastage of resources and improve the efficiency of business processes.

3. Special Audits and Investigations

Special audits are performed for the purposes of detecting fraud or for due diligence within mergers and acquisitions activities, or forensic accounting analysis. Our staff members possess the competencies which are essential in detecting abnormalities and carrying out in-depth audits which are commensurate with the difficulty of the problem at hand in every case. Furthermore, we provides resources that enable companies to deal with difficulties and protect their financial interests in making appropriate decisions.

The OTW Advantage in Company Audit Singapore

Quality, affordability, and personalized services set OTW apart from the rest of its competitors. So, here’s why we are among the best choices for company audit in Singapore:

1.  Qualified and Experienced Professionals

The auditors and professional accountants at OTW are well-versed in undertaking audits within Singapore because they have been working as experienced professionals in the country for quite a while. Their expertise in regulatory aspects allows all the audits to be undertaken in a complete orderly manner, which gives clients assurance and confidence in their operations

2.  Great Deals

OTW does more than just carry out audits. Other services offered are tax consultancy, provision of bookkeeping, accounting and even company secretarial services among many others. Because of this variety of services, it makes a one-stop centre for those companies which require great management in finances. Our integrated approach provides clients with time and resource savings as well as convenience and continuity over the various financial processes.

3.  Fair and Clear Cost Structure

We strives to ensure that all businesses can afford to carry out quality audits. Customers can reap the benefits of low prices and the high-quality of service. Their approach is great for SMEs looking for good quality and value-for-money audit services. But we delivers what it promises: streamlining audit delivery and preventing unnecessary costs, thereby delivering clarity and calm to all customers.

4. Custom Solutions to Meet Every Business’s Needs

OTW also appreciates the fact that each company is different and needs appropriate modifications in the conduct of audit services. We, modify our audit services based on the size, nature of business, and needs of our clients from small firms to huge corporations. This emphasis on the needs of the clients ensures that compliance audits are done and go beyond mere compliance principles and serve the needs of the business in specific financial and operational areas.

Other Additional Services Offered by OTW

Besides audit services, we however provides Agreed-upon procedures engagement services as well as other corporation services that would foster the development of their clients and ensure compliance.

• Tax Advisory: Our tax experts assist corporations about tax planning, compliance, and tax litigation, to advance cost minimization and avoid clients’ costly mistakes. Clients are assisted in navigating compliance requirements while maximally benefiting from applicable tax incentives due to these experts’ strong understanding of Singapore tax laws.

• Bookkeeping and Accounting: We takes over the entire bookkeeping and accounting aspects of a business, allowing them to redirect their efforts to other critical areas of the organization. OTW organizes and maintains financial records of enterprises so that they can be easily retrieved for making business decisions, through services like bookkeeping, payroll, and reporting of financial statements.

• Company Secretarial Services: The company secretarial services include corporate governance, maintenance of statutory records and annual returns to ACRA as part of the key compliance requirements. These services are imperative to ensure that the company is compliant and that all the legal requirements are fulfilled.

How OTW Makes It Easy To Audit The Company

OTW undertakes an audit process that focuses on the needs of the clients and that can complete the work with the least amount of interruptions possible. Below is how OTW guarantees a satisfactory level of service when conducting an audit:

Outline and Preliminary Negotiation: An OTW US representative begins each engagement with a good initial consultation to gain a good understanding of the clients, their business, objectives and even the specific requirements for audit engagements. This phase is vital because it allows the audit method to be customized and also, expectations about the outcome of the audit to be clear

Data Edited and Collated: Our group gathers the relevant financial documents within the required timeframe and reconciles them to determine pertinent ones. There are subtle patterns that can be detected in financial records at an early stage; when such are detected, it becomes unnecessary for the business unit to wiggle around issues of compliance in abundance.

Fieldwork and Interpretation: During the fieldwork stage, the most reliable of the records in the company which include transactions and financial statements are delved into by the auditors. Correct paper documents together with necessary laid down procedures are used during fieldwork to ensure coverage on all accounts is achieved thus more reliable evaluation of the company is delivered.

Reporting and Recommendations: In the aftermath of the audit, we provides actionable recommendations for the improvement of the situation and outlines the findings in a report. This report is not only a compliance document but also a blueprint for improving business and operational performance

Conclusion

In the context of Singapore’s stringent regulatory requirements, a professional audit is significant in ensuring compliance, transparency and fostering trust. Ong Tong Wang & Co. (OTW) is one of the most reputable companies in the market which offers company audit services in Singapore. The company’s reputation is proven, and it is ready to provide thorough expertise whilst maintaining focus on the client’s needs. We employs several certified experts and has a wide range of service offerings which ensures Singaporean companies get affordable and efficient audit solutions.

OTW has all the knowledge and experience required whether your business synopsis entails, statutory audit, internal audit or special audit services. Apart from auditing, we offer services in tax consultancy, bookkeeping and company secretary services defining them as a one-stop shop for comprehensive financial management. Selection of OTW by companies in Singapore guarantees improved financial integrity, risk management and long-term prospects for success.