Department & Business Reviews
While department review is conducted to assess the efficiency level of various aspects of an organization, business review is performed to figure out the financial position of the business. Both of these internal audits are not required by any law. However, these can enhance business efficiency and productivity.
A department review is a current period analysis of administrative functions that is conducted to measure the efficiency level of various aspects of an organization. An examination is performed to assess the adequacy of control, safety of assets, usage of resources, compliance with laws and fairness of the financial statements. Risk assessment is also an integral component of department review in which an auditor conducts an inspection to identify key areas of risks which may hamper your business growth. Department review is not subject to any law or statute.
Business review is a process of examination of various aspects of organizations that undertakes to project the exact financial status of the company. The feedback of a business review is crucial to a company’s success. Just like department review, it is also not required by any law.
SINGAPORE TAXATION provides both department and business review under one section of service. However, clients are allowed to choose any of the service based on their unique requirements. The team comprises of a group of internal auditors individually having vast experience and ability to assess accurate results of the audit services.
Department and business review services:
- Evaluate & examine the risk factors to develop a stronger internal control.
- Analyze administrative function in terms of control, management, compliance needs and integrity of financial information.
- Assist in preparing business and department review reports.
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