AUDIT AND ASSURANCE

audit Criteria

Understanding audit procedures in Singapore is essential for business owners and company heads as Singaporean companies are required to conduct periodical audits on their financial statements as established in the Singapore Companies Act.

These audits are conducted to preserve the accuracy of the financial statements issued by businesses within the country. In compliance with the law, Singapore companies must appoint auditors during the first 3 months immediately following their incorporation.

Currently, a company is exempted from having its accounts audited if it is qualified as a new small company A company qualifies as a small company if:

(a) it is a private company in the financial year in question; and

(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years

For a company which is part of a group:

(a) the company must qualify as a small company; and

(b) entire group must be a “small group”

Criteria 1

Total Annual Revenue ≤ $10m

Criteria 2

Total Assets ≤ $10m

Criteria 3

No. of Employees ≤ 50

Our Area of Expertises

Statutory Audit

In Singapore, qualifying companies are required to undergo a local statutory audit. This external audit—performed by accounting firms is typically conducted yearly to verify if a company complies with the policies stipulated by the legislation. The Accounting and Corporate Regulatory Authority (ACRA) is the local governing body that imposes the rules and regulations of companies in Singapore.

Internal Audit

Companies are encountering challenges from different disciplines. As new risks continuously appear, having an excellent internal audit function can make operations better, simplify company changes, and give assurance to stakeholders. We help improve your company’s risk management, governance and control methods.

Other Audits

The demand for organisations to issue reports about agreed-upon procedures, examinations and reviews is on the rise. Furthermore, financial reports alone do not reveal opportunities or business risks. These are what multitudes of organisations have realised. As a result, business leaders and company decision-makers are starting to see the necessities and advantages from assurance that goes beyond the regular audit of financial statements.