Auditing Companies in Singapore

An audit is a service necessary for any company, both very small and large-scale. An audit is in demand, and therefore there are many audit companies. However, experts note that the structure of this market is changing.

The main function of auditing companies is the effective examination of the reporting documentation of enterprises. Auditors will health check the construction of accounting and management accounting, as well as financial and tax processes. To provide quality audit services, you should contact professionals.

Those professionals will advise the company’s management on cost optimization, as well as increasing profitability. Independent experts will develop the correct strategy and tactics for the company’s behavior in the market.

We have prepared the listing of auditing companies in Singapore that will fulfill your needs.

Audit in Singapore

For some companies, audits are an obligation, for others they are a necessary preventive measure to minimize tax risks, for others they are an indicator that makes it possible to control and evaluate management decisions.

But for any company, regardless of the purpose of audit expertise, it is necessary to choose the right provider. Today, many firms offer audit services in Singapore.

Every Singaporean company is required to comply with the following legal requirements: filing an annual return (Annual Return / AR) and annual financial statements with the Accounting and Corporate Regulatory Authority of Singapore (ACRA), holding a general annual meeting of shareholders, and annual tax return filing with the Inland Revenue Authority of Singapore (IRAS).

Audit in Singapore is required to be carried out only by medium and large enterprises, and therefore, if you are just starting a business, you do not need to rush to find auditors.

If the turnover of your company exceeds 10 million SGD, then the annual accounts must be audited. Audit companies in Singapore can help with this. They provide a full range of legal and audit services in Singapore and will be happy to offer you assistance. 

Under the current Singapore Companies Law, an audit may not be carried out by:

  • exempt private companies (Exempt Private Company — EPC) with an annual turnover of up to 5 million SGD, registered before July 1, 2015; 
  • exempt private companies with annual turnover up to 2.5 million SGD registered on or after May 15, 2003 but before July 1, 2015;
  • companies (including exempt ones) registered on or after May 15, 2003, but inactive during the financial year; 
  • companies that meet the “small firm” criteria for that financial year and are incorporated on or after June 1, 2015; 
  • small companies belonging to small groups.

In our list of audit companies, you will find service providers that will help with statutory audits, group consolidation audits, Management Corporation Strata Title audit, rental audit, NGO audit, special purpose audit, due diligence, Building and Construction Authority audit and so on.

FAQ

What is auditing?

An audit is an independent verification and evaluation of the financial statements of an enterprise by third-party specialists or companies. A specially trained person comes to the company and then looks through all the financial or other documentation, and studies production or other business processes.

What is the role of auditing?

The role of the audit is extremely important. It allows you to give a comprehensive picture of the financial condition of the company, and not just about financial statements, but also allows you to identify reserves, and risks, outline development prospects, taking into account the position in the industry and the economy as a whole.

What is auditing in accounting?

Accounting and auditing involve checking the financial statements of the enterprise and its compliance with existing standards and federal laws. This service is used to identify weaknesses in the activities of the organization, improve work efficiency, correct existing errors, and avoid problems with government agencies, for example, tax authorities.

 

During the audit, the specialist compares the results of economic activity with the laws and analyzes all financial documentation for errors, and the reliability of the data indicated there.

 

An accounting audit is a separate form of checking a company, during which an expert examines the accounting reports and how accurately they reflect the results of the company’s professional activities. Some companies use this procedure to understand what position the company occupies in the market, others use it as a method of control and to reduce the risks of financial losses.

 

Moreover, accounting audit and analysis solves other problems:

 

  • Allows you to determine the prospects of the company;
  • Reveals directions of development;
  • Helps to assess the competence of the employees of the organization:
  • Reflects information about the assets of the enterprise, economic activity, and available resources.