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TOP AUDIT FIRM IN SINGAPORE

Reduce the chances of fraudulent activities inside your company through top-notch audit services in Singapore. Add credibility to information presented to shareholders & give investors assurance to make decisions with confidence. Get professional audit services from our experienced qualified auditors.

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Singapore Audit2022-11-24T15:37:51+08:00

SINGAPORE AUDITING SERVICES

To establish brand credibility and reduce the chances for fraud, auditing is practised among companies. Simply described, corporate audit services are a formal, documented assessment of a firm’s financial records and accounting procedures to make sure they adhere to legal requirements. It is possible to conduct this audit internally through inhouse accounting or externally through outsourcing accounting services.

There are many advantages to completing an audit assessment, from security and awareness to trustworthy insights into the future of your organisation, in addition to the legal obligations and standards for enterprises of a specific size or revenue. An experienced auditor can comprehend the inner workings of your company and identify potential fraud.

Here are the audit services in Singapore that we provide:

Tax exemptions in Singapore
  • Annual Financial Audit
  • Special Purpose Audit
  • Certification for Subsidy Claim Audit
  • Fixed Assets Certification
  • Claim Certification
  • Shares Certification
  • Personal Income Certification
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AUDIT EXEMPTION: ARE YOU QUALIFIED?

Small companies are exempted from audits in Singapore. Here’s the list of criteria to qualify for audit exemptions for private companies in Singapore – at least 2 out of 3 criteria for the immediate past 2 consecutive financial years must be met:

Audit exemption criteria

GROUP COMPANY AUDIT REQUIREMENTS FOR EXEMPTION

Requirements for group company audit exemptions

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.

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7 REASONS WHY YOU SHOULD CONDUCT A COMPANY AUDIT

Although you may be exempted from an audit, there are many benefits of engaging an audit firm in Singapore. Here are the 7 reasons why:

Singapore audit team discussion

YOUR TRUSTED SINGAPORE AUDITOR IN SINGAPORE

As a certified public accounting firm (CPA) in Singapore and a full practicing member of the Institute of Singapore Chartered Accountants (ISCA), we are able to issue IRAS approved audit report that meets the needs of your company.

Your company’s audit function is in good hands with our professional Singapore certified auditors.

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SINGAPORE AUDIT CLAIMS

Claims are provided for certain audit purposes, which include:

  • 1. Childcare/ Infant Subsidy Claims Audit

    As part of MCYS audit requirements, Childcare centres are required to engage certified public accountants (CPA) to audit the centre’s infant/childcare subsidy claims annually or upon cessation of business.

    We do the provision of auditing service on childcare centre’s infant/childcare subsidy claims and the scope of our Infant/child Care Subsidy Claims Audit Service includes preparation of the following which must be submitted to the Ministry 3 months after the centre’s financial year-end or cessation of business:

    • Preparation of the Statement of Subsidy Claims for the Financial Year
    • Preparation of Certification by External Auditors
    • Fund Raising Appeal by Societies

    This is in accordance with the provision of Regulation 6 of the Societies Regulations issued under the Societies Act Chapter 311, Section 34 (the “Regulations”) relating to the fund-raising appeal held by the Society.

  • 2. Claim Summary of Project Qualifying Costs

    This is one of the Special Purposes Audit reports on the Claim under a particular Approved Project and under a particular Scheme administered by IDA based on the terms and conditions provided in the Letter of Offer between the company and the IDA.

    The claims are for Approved Grant Amounts set the maximum amounts approved by IDA as set out in Qualifying Costs Table.

Angela
  • 3. House to House and Street Collection (HHSC)

    License Audit Under the House to House and Street Collections Act, an HHSC license is required if one promotes a collection by way of appealing to the public, made using visits from house to house or of soliciting in streets or other places or by both such means, for money and other property.

    After the collection event, the collection account needs to be certified by the chief promoter of the collection and by a CPA who is appointed by the organisation of the chief promoter to be the auditor of the account.

Letitia
  • 4. Engagement to Perform Agreed-upon Procedures (SSRS 4400) Government Agencies Grant Claim

    The Engagements to perform Agreed-upon Procedures Regarding financial information is referred to SSRS 4400. Auditor’s Reports are on Factual Findings based on terms of reference outlined by the Government Agencies. The audit coverage shall cover at least 85% of the value claimed in the statement.

    Administered government agencies for grants include, among others:
    • EDB     • MCYS
    • STPB   • MICA
    • MAS    • IDA

  • 5. Certification Audit for Confirmation of JTC Leases

    It is part of SSRS 4400 to certify the investment quantum on Plant & Machinery and Building & Civil Works incurred by the licensee has complied with the lessor’s lease terms with JTC Corporation.

  • 6. Submission of the Value-added productivity (VAP) figures to the BCA

    Under this requirement, all larger companies, from A1-B2 registered under Construction Workheads (CW) of BCA Contractors Registry must submit their VAP figures on an annual basis. Procedures in connection with the computation of the VAP figure is defined by the BCA.

OTHER TYPES OF CERTIFICATION AUDIT SERVICES IN SINGAPORE

We also certify the following financial information, statement, and statistics through our certification audit:

Other types of certification audits

Singapore Audit FAQs

Extend your understanding about audit in Singapore and the services that audit firms provide with these top 6 questions that we got asked most.

What are auditing services?2022-06-27T16:22:42+08:00

Auditing services are professional services that provide compliant financial statements and ensure that the finances are in order before communicating to key stakeholders.

How much does an auditing service cost?2022-06-27T16:22:22+08:00

An auditing service cost is dependent on the amount of work needed to be done and typically starts from S$4,500.

How long is the auditing process in Singapore?2022-06-27T16:22:01+08:00

The timeframe for auditing is very dependent on the capacity and complexity of your business. It is usually derived after initial consultation with the audit firm.

How often do companies need to be audited?2022-06-27T16:21:45+08:00

Every company must have its financial statements and accounting records audited at least once a year. Only companies which fulfil the criteria for audit exemptions do not have to be audited.

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.

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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WHAT IS AUDIT IN SINGAPORE

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