An Internal Audit function that is performing against outdated operations, is an accident waiting to happen. Internal Audit functions need to renew themselves and keep abreast with the developments in the Profession not only to be in a position of value to different stakeholders, but also to the Audit Committee, which is responsible for oversight of the financial reporting process, the audit process, the system of internal controls and compliance with laws and regulations. That’s why you need Audit Liaising.
Why Audit Liaising?
Internal audit is a key driver of effective management control, proactive risk management, good corporate governance and ongoing process improvement. Liaising with auditors reduces unduly work pressure to the entire accounting team, which prevents instances of routine accounting work quality being compromised due to fatigue, low staff morale in worst case give rise to staff turnover.
We liaise with their auditors to prepare the required audit schedules and statements, and clear audit queries for clients. The primary purpose of a set of audited financial statements is to provide maximum benefit to external stakeholders, such as banks and government agencies who depend on your financial statements.
What we provide
What are the Benefits of Audit Liaising?
In line with our experience, some of the key benefits of audit liaising include:
- Providing ad-hoc accounting support to ease work pressure
- Meeting tight audit deadline or head office group reporting deadline
- Reducing costs in terms of overtime to accounting staff and/or remedial costs or sudden surge of once-off audit fee due to inefficient audit
- Better quality of accounts as the accounting team can continue to focus on routine closing process and not being distracted by additional audit work
- An efficient audit would normally provide additional assurance to various stakeholders
- Higher staff morale and reduced staff turnover
Talk to us
Tianlong Services has partner audit firms who provide Auditing services in Singapore. Our comprehensive range of internal audit solutions includes liaising with external auditors in relation to their annual statutory audit procedures. Our liaising approach does not only focus on your financial statements, but also on your business operations.
Please send us an email today so that we can provide you with the audit liaising quotation.
Request a free trial
You will get a month’s worth of bookkeeping. Whether or not you continue with us, your reports for the month are yours to keep.