There are several reasons why a company wants its’ financial accounts to be audited. For instance, a company may require to provide audited reports in order to obtain a trade license. Similarly, it could be to fulfill the compliance requirements of a company. Nonetheless, an audit will highlight the underpinning issues and provide a clearer view to support critical business decisions. Furthermore, an audit serves as an assurance to increase stakeholder’s confidence in the company’s financial management.
Generally, a statutory audit is an external audit conducted by an Auditor to scrutinize the company accounts unbiasedly. Subsequently, the auditor will provide his impartial findings in the audited financial statements. Such an audit is required by the laws and ACRA (Accounting and Corporate Regulatory Authority) is the authority that governs the laws and regulations of companies.
What are the types of Audits?
Primarily, there are 3 categories of audits. And they are Statutory audit, Special audit, and Internal audit. The following is the list of audits that we have performed.
- Statutory audit
- BCA audit
- Sales audit (GTO audit)
- Grant audit
- Internal audit
- Lucky draw audit
- Fruit Machine audit
- MCST audit
- Charities audit
- Group consolidation audit
- Amalgamation audit
What company require to be audited in Singapore?
In Singapore, a company that does not meet the audit exemption is required to have the accounts audited. To qualify for the audit exemption, the company needs to be a “small company” whereby it fulfills at least 2 of the 3 following criteria for the immediate past 2 consecutive financial years:
- Total annual revenue not more than S$10 million;
- Total assets not more than S$10 million;
- The number of employees not more than 50.
For a company that is part of a group. the entire group of companies must be qualified as a “small company” in order to be exempted from audit obligations.
The audit exemption is applicable for financial years beginning on or after the change in the law (1 Jul 2015).
Why choose Accountancy Hub for the Audit Services?
Accountancy Hub is part of the corporate services arm under K.C. Chan & Co. Pac. As a qualified auditor for more than 20 years, we focus on understanding the client’s business as well as maintaining a high level of professionalism. We would assess and advise our client on the audit process which includes the time frame to complete the audit procedures. This provides a level of comfort to the client, as the pace is set within the acceptable range.
Our diverse portfolio of clients consists of SMEs, large multinational corporations, and even public companies. Having experience in various industries, our audit team is well equipped with the core competencies and knowledge to achieve a successful outcome for the auditing service.
Do contact us and send in your enquiry.