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Audit Services in Singapore

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Audit Services in Singapore2021-05-25T14:48:26+08:00

Why Company Audits are important?

According to the Companies Act, all companies in Singapore which are not legally exempt must be audited.

An audit can be defined as an independent and systematic assessment of statutory records, books of accounts, and financial documents of an organization.

Audit Exemption Effective Date

Audit Exemption Effective Date

On 1 July 2015, the Companies (Amendment) Act was put into applicable for financial years beginning on or after the change in the law, allowing more small companies to qualify for an audit exemption in Singapore.

Qualification Criteria for Audit Exemption

To qualify, companies must:

– It is a private company in the financial year in question
– It meets at least 2 of 3 following criteria for immediate past two consecutive financial years:

  • Total annual revenue not exceeding S$10 million
  • Number of full-time employees at the end of the financial year must not exceeding 50
  • Total assets not exceeding S$10 million for the end of the financial year
Qualification Criteria for Audit Exemption

Group Company Audit Requirement

A group company is defined as a holding company  (also known as a Parent company) and its subsidiaries that together form a group due to a common source of control.

A group company will be exempt from annual audit of its accounts if the holding and all subsidiary companies individually:

  1. Fulfil at least 2 of the small company qualifying conditions and
  2. Belong to a “small group”

To qualify as a “small group”, the group (comprising of all the companies) must fulfil two out of the following three conditions in the immediate two preceding financial years:

  1. The consolidated revenue must not exceed S$ 10 million;
  2. The consolidated total assets must not exceed S$ 10 million;
  3. The total number of employees of the group must not exceed 50.

In other words, this means that to qualify for the audit exemption, the individual subsidiary companies as well as the holding company, as a group, must fulfil the eligibility criteria of a small company.

Does your company qualify for audit exemption?

Auditing services add credibility to information provided to shareholders, giving assurance to investors and financial personnel’s to make decisions with confidence.

  • Annual financial audit approach based on an understanding of our clients business processes, goals, and strategies.

  • To maintain business as usual during audit process with minimal disruption to day-to-day operations

  • Statutory audit requires review of financial information and application of regulations/support for the accountants completing the compliance, trustees, and members

  • Satisfy stakeholder with regard to the credibility of published information

  • Help to deter and detect material fraud and error

  • Enable company to comply with banking covenants

  • Facilitate the payment of corporate tax, goods and services tax, and other taxes on time and accurately

  • Facilitate the purchase and sale of businesses

  • Take advantage of the accompanying benefits such as advice on the structure and operations of systems

  • Demonstrate good corporate governance and citizenship

The answer to your company auditing questions

Here is your essential questions to the important terms you should know the most commonly regarding auditing.

How often the Profit and Loss account as well as the balance sheet of a company need to be Audited?2021-05-21T17:50:26+08:00

They need to be audited annually.

Is my Company Exempted from the Audit?2021-05-21T17:48:35+08:00

If your company is small, as long as it meets 2 out of 3 criteria as below, you are qualified for audit exemption:

  1. Total annual revenue is less than or equal to S$ 10mil;
  2. Total assets less than or equal to S$ 10mil;
  3. Have less than or 50 employees
When do I need to Appoint an Auditor for my Company?2021-05-21T17:47:25+08:00

You should nominate at least one auditor within 3 months after your company is incorporated.

How long is the Auditing Process?2021-05-21T17:46:30+08:00

It depends on the capacity and complexity of your business.

Which Singapore-based Companies are not required to be Audited?2021-05-21T17:45:11+08:00

Small companies in Singapore do not have to be audited. They are defined as private limited companies which have less than S$10 million worth of total annual revenue, less than S$10 million worth of total assets over a specific financial year, and fewer than 50 employees at the conclusion of a specific financial year.

Companies which are part of group companies are also exempt if the entire group fulfills a minimum of two of the preceding criteria and has done so over the immediately preceding two financial years.

Must Private Companies in Singapore be Audited?2021-05-21T17:45:44+08:00

The Singapore Companies Act states that every company, including a private company, must have its financial statements and accounting records audited at least once every year. Only companies which fulfill the criteria for audit exemptions do not have to be audited.

Do Foreign Companies in Singapore have to be Audited?2021-05-21T17:40:07+08:00

Only the Singapore-based companies which have fulfilled the criteria for audit exemptions are allowed to remain unaudited. This is also true of all foreign companies based in Singapore.

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Audit services provided by a certified public accountant (CPA) like Paul Hype Page & Co, benefits all Singaporean companies. Paul Hype Page is a full practicing member of ICPAS, providing audit services and able to issue IRAS approved audit report from $4,500 onward.

Over the past 13 years, we have gained vast experience in accounting as well as auditing services. We are CPA Singapore certified company. Thus, you should know that your company’s accounting matters will be in good hands after you have contacted us for our services.

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