How to Find Good Audit Services in Singapore

Finding the right audit services firm in Singapore can be a game-changer for your business. Whether you’re an SME looking for compliance support or a larger enterprise needing in-depth financial auditing, choosing the right partner ensures transparency, trust, and peace of mind. But with so many options in Singapore’s competitive market, how do you find a good audit services provider?

This article provides a comprehensive guide on how to find good audit services in Singapore, what to look out for, and how to make an informed decision for your business.

1. Understand Your Business Needs First

Before jumping into a search for an audit firm, you need to clearly identify your requirements. This helps narrow your search to audit firms that offer the specific services you need. Ask yourself:

• Is your company required by law to be audited (e.g., not exempt under ACRA’s small company criteria)?

• Do you need specialized audits, such as for charities, MCSTs, or construction companies?

• Are you preparing for investment, acquisition, IPO, or another business milestone?

• Do you require related services like tax advisory, corporate secretarial, or valuation?

Knowing your objectives helps you find an audit firm with the right focus and capabilities.

2. Look for Firms Registered with ACRA

In Singapore, public accountants and audit firms must be registered with the Accounting and Corporate Regulatory Authority (ACRA). This ensures they meet the legal standards and professional qualifications required to perform statutory audits.

You can verify whether a firm or auditor is registered by checking the Register of Public Accounting Firms on ACRA’s website. Hiring a registered firm gives your financials greater credibility and regulatory compliance.

3. Consider the Firm’s Track Record and Reputation

Reputation matters in auditing. A good audit firm should have a proven track record of delivering high-quality audits, complying with Singapore Financial Reporting Standards (SFRS), and maintaining integrity and independence.

Look for:

• Years of experience in the industry

• Client testimonials and reviews

• Industries served (e.g., F&B, logistics, retail, manufacturing)

• Past or current client portfolio

• Word-of-mouth recommendations

If the firm has helped companies similar to yours or worked with reputable clients, that’s a strong indicator of reliability.

4. Check Qualifications and Professional Affiliations

A good audit firm should be staffed by qualified professionals, typically Chartered Accountants (CAs) who are members of the Institute of Singapore Chartered Accountants (ISCA).

Also check if the firm or its partners are affiliated with reputable professional bodies like:

• ISCA (Institute of Singapore Chartered Accountants)

• ICPAS (Institute of Certified Public Accountants of Singapore)

• ACCA (Association of Chartered Certified Accountants)

These affiliations reflect a commitment to professional standards and continued learning.

5. Assess Their Industry Expertise

Different industries come with different regulatory requirements and risk areas. For example:

• A construction company may require audits that assess project-based cost controls and contract management.

• A retail chain might need inventory control and sales reconciliation audits.

• A non-profit or charity must meet stringent governance and reporting standards.

Choosing an audit firm with industry-specific experience ensures that they understand your business model and compliance requirements.

6. Evaluate Their Communication and Responsiveness

A good audit firm is not only technically strong but also communicative and collaborative. You’ll need an auditor who:

• Responds promptly to queries

• Is clear in their explanations

• Helps you understand your financial position

• Provides recommendations to improve internal processes

During initial consultations, observe how they communicate. Are they open, honest, and helpful? A smooth working relationship is key to a successful audit.

7. Understand Their Audit Methodology and Tools

Audit quality depends not just on experience, but also on the methodology and tools used by the firm. A modern, forward-thinking audit firm should be using data analytics, cloud-based tools, and risk-based audit approaches.

Ask about:

• Their audit process from planning to reporting

• Use of technology in audits

• Audit timelines and deliverables

• Approach to risk assessment and internal control evaluation

This shows how efficient and reliable the audit will be.

8. Check for Transparent Pricing and Scope

Audit fees can vary widely based on the size and complexity of your business. A trustworthy audit firm will provide:

• A clear quotation with no hidden fees

• A well-defined scope of work

• Breakdown of charges (e.g., statutory audit, management reporting, additional advisory work)

Be cautious of firms that offer extremely low prices — they may lack depth or outsource your audit work offshore. While cost is important, focus on value and quality.

9. Ask About Continuity and Partner Involvement

Smaller firms often provide more personalized service, with audit partners directly involved in your case. In contrast, large firms might assign junior staff with limited supervision.

Ask:

• Will the same team handle your audit each year?

• Will the engagement partner be involved regularly?

• What is their average client retention rate?

Continuity ensures that the auditor understands your business better over time, leading to more efficient and insightful audits.

10. Request for an Introductory Consultation

Most audit firms offer free consultations before formal engagement. Use this opportunity to:

• Ask questions about their process

• Clarify expectations

• Assess chemistry and rapport

• Check how well they understand your business model

It’s also a good time to ask for client references or case studies relevant to your industry.

Bonus: Look for Firms Offering Related Services

While your primary goal is to find a good audit service provider, it’s useful to choose a firm that also offers:

• Tax advisory

• Corporate secretarial services

• Bookkeeping

• Incorporation and compliance services

• Payroll and HR solutions

This can streamline your operations and save time by consolidating services under one roof — especially useful for SMEs in Singapore.

Conclusion

In Singapore’s compliance-heavy business landscape, hiring a good audit services firm is more than a legal formality — it’s a strategic move. A good auditor helps your company maintain financial health, meet regulatory obligations, manage risks, and build credibility with stakeholders.

By following the steps in this guide — from understanding your needs to checking credentials, evaluating communication, and comparing pricing — you can find an audit firm that aligns with your business goals and provides long-term value.

Take your time to evaluate potential partners carefully. A well-chosen audit firm will not just check your books — they’ll become a valuable advisor in your business journey.