Running a business is no easy task, more so when it comes to matters to do with finances. As such, most companies in Malaysia have opted for the option of outsourcing various services. And one of the most outsourced services is the auditing services. As a requirement, all companies in Malaysia have to have their accounts audited before the AGM (Annual General Meeting). However, since there are many audit companies in Malaysia, it can be overwhelming choosing one. However, doing a thorough background check on different companies offering the services may help you get the right one for the job. With that said, let us now look at why outsourcing auditing services is a good option.
- You can choose from a wide variety
As aforementioned, there are many companies in Malaysia that offer auditing services. This, in turn, gives you the freedom to choose from a large selection. However, you need to be very particular while making your selection. Keep in mind that as much as most of them offer similar services, you need to choose one that offers exceptional services. Gather referrals and read reviews of the different auditing companies before making your decision. Remember, auditing is a very crucial function in any given business; more reason you need to only work with an audit company in Malaysia that has a good reputation.
- Access to professional services
For your company’s financial reports to be audited as required, it is vital to work only with a professional auditor. Outsourcing the auditing services guarantees you access to professional services since most of the auditors in these companies have been well vetted and have enough experience. They also have in-depth knowledge of all matters to do with auditing. Therefore, you can rest assured knowing that they will do the job perfectly well and give an opinion as to whether the financial statements show a true and fair view of the company’s financial position.
- It is cost-effective
Yes, it is possible to hire a full-time internal auditor, but it can prove to be quite expensive. Also, other companies, especially startups, often cannot afford to hire an experienced full-time auditor. Because of these reasons, most of the companies prefer outsourcing auditing services from reputable audit companies in Malaysia. Outsourcing is very cost-effective, and you still get access to professional services.
It is also important to note that an auditor cannot work as a company secretary, Malaysia. And this is to avoid any conflict of interest.