Survey results reveal many Companies would reconsider their existing professional service provider if given the choice, but believe the cost of change is too high.
SINGAPORE, May 12, 2020 /PRNewswire/ — OA Assurance PAC, a leading Singapore-based CPA firm, ("OA") has found that many Companies would reconsider their existing professional service provider if given a choice, but believe the cost of change is too high.
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A recent survey of over 100 SMEs conducted by OA, revealed that 38.89% of respondents would reconsider engaging their existing professional service provider for their statutory audits; in addition, when considering new professional services providers, 61.11% say price is their Number One consideration — even over quality.
These findings demonstrate that many believe it’s impossible to find a firm that can deliver better quality without increasing costs.
Of all the services offered by a CPA firm, statutory audits are the most critical and finding practical auditors with high-quality service is key. Auditors should ensure a company meets its regulatory and business compliance requirements as well as reporting deadlines; while providing practical solutions for audit issues that arise as a result of the audit.
However, the majority of Companies automatically associate this quality with increased cost — hence why many may be reluctant to make the switch.
Helping businesses save on the cost of compliance
Despite what many companies may believe, a lower cost doesn’t need to come at the expense of quality. OA has rolled out a new digital roadmap that streamlines the auditing and client management process via cloud technology and automation — enabling them to deliver more cost-effective solutions for clients.
In 2019, OA adopted an innovative, cloud-based e-Audit platform making the audit and reporting processes more efficient and effective. Moving forward, the firm plans to introduce new accounting and tax-related services to the platform — ensuring digitisation provides convenience and lower costs continually.
OA believes that this continued digitisation and the introduction of integrated communication and collaboration platform will further lower the cost of compliance without compromising the quality of services offered.
Providing practical solutions to business challenges
Beyond drafting high-quality, cost-effective audit findings, OA also recognises the need for an auditor to provide practical solutions to a company’s audit issues. "We often hear of complaints from prospective clients that auditors do not understand the nature of the business or the industry they are auditing, which results in delays and errors in the process. As experienced auditors, we believe prolonged, painful discussions between companies and their auditor don’t need to happen," said Alan Chang, Managing Director of OA Assurance PAC.
To combat this, OA proactively to ensure there are no surprises. Combining their long-standing experience and comprehensive industry knowledge with effective auditing methodologies, OA provides professional, personalised audit services that not only identify issues but provide solutions.
Further to this, OA ensures companies meet ACRA reporting deadlines. In many cases, excessive meetings and inefficient processes can lead to delays, causing companies to miss reporting deadlines and attract penalties from the ACRA for late filing.
As an owner-managed business, OA recognises the need to complete an audit assignment within an acceptable timeframe. The firm has developed a robust, streamlined auditing process to ensure speedy delivery with a KPI of ONE month from planning to completion.
Find Out How Digitisation is Lowering The True Cost of Compliance
"The digitisation of the OA service platform has enabled us to improve efficiency and reduce the cost of compliance for companies," added Chang "the adoption of integrated communication and collaboration platform, we believe, will reduce the cost of compliance even further," he concluded.
As a leading CPA firm, OA Assurance PAC works with businesses of all sizes, from startups and multi-national corporations, to owner-managed business and corporates. As a highly qualified, cost-effective auditor, all OA Assurance partners are accredited CPAs, having undergone and passed the ACRA’s practice monitoring review in the past three years.
With these advantages and in view of COVID-19 outbreak, OA Assurance PAC is willing to pass on these cost savings benefits to help reduce the cost of compliance, starting with a reduction in existing audit fees. Please speak to us to find out more on our process and how digitisation is reshaping the compliance cost landscape.
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