Auditors play a crucial role in a company. While working with accountants, auditors ensure that the company’s financial statements are accurate. A part of their responsibility is uncovering fraud and preventing them from happening. A company has two options: hire in-house auditors or outsource audit services in Singapore.
Outsourcing is a process in which a company partners with a third-party organisation that will perform a specific task in its operations. For example, Singapore payroll outsourcing means a service provider will organise and distribute payrolls to its partner company’s employees.
Here are the reasons why you should outsource audit services in Singapore:
1. COST-EFFECTIVE AND TIME-SAVING
Companies can save money by partnering up with outsourced audit services. The job posting, hiring, training and onboarding cost a lot on the company’s end.
Companies spend on training and covering newly hired auditors’ salaries, benefits, and compensation. Moreover, companies should also provide equipment, such as computers, printers, desks, and chairs, for the employees.
In addition to costly hiring and onboarding, the entire process is also time-consuming. It would take months to find the right talent, train them, and onboard them in the company. It is a disadvantage, especially if you are running out of time for Singapore company registration.
Thankfully, outsourced audit services only need the orientation of the staff, which may take a week, and they are ready for onboarding. The company does not need to provide computers or pay their salary and benefits. What the company pays for is the service they are getting.
2. TEAM OF EXPERTS
Many outsourcing companies providing numerous services, from EP renewal to Singapore employment pass, hire the best talent in the market.
Moreover, providing services to all types of companies and businesses hone the skill and expand the experience of these talents. Hence, when you partner with them, they are already experts in their crafts.
3. UNBIASED EYES
Auditors’ responsibility in the company is massive. They guarantee that the company spends its money correctly. They can detect fraud and other irregularities in the company’s expenditures.
Although auditors must be independent and stand by their principles, there are situations where they get involved in inside jobs and shrug frauds under the rug.
Independent and third-party audit services in Singapore do not benefit from such activities. They are also objective and unbiased. Bribes from the insiders cannot sway them not to do their job.
4. OPPORTUNITIES FOR IMPROVEMENTS
As mentioned, outsourced auditors have already worked with numerous companies in different industries. They can apply the strategies, insights, and lessons they learned from past companies to your organisation if you ever ask for their recommendations. Their suggestions are valuable and can be the key to improving the process in your organisation.
There are situations where the company has to scale up or down their labour. It is heartbreaking to lay off employees and costly to hire new ones. Fortunately, outsourced services are scalable. You can effortlessly reduce or increase the scale of your service anytime without undergoing a massive layoff or mass hiring.
Is outsourcing a suitable move for your company?
Paul Hype Page & Co provides audit services in Singapore. Visit Paul Hype Page & Co today.