There are several reasons why a company wants its financial accounts to be audited. For instance, a company may be required 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 stakeholders’ confidence in the company’s financial management. Engaging audit services in Singapore ensures businesses meet regulatory requirements while gaining valuable financial insights.
Generally, a statutory audit is an external audit conducted by an Auditor to scrutinise 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
- MCST audit
- Group consolidation 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. As a trusted audit firm in Singapore, we assess and advise our clients 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. By partnering with a professional audit firm in Singapore, businesses can ensure compliance while gaining valuable financial insights.
Do contact us and send in your enquiry.
Frequently Asked Questions
Why does my business need an audit service?
Audit services help businesses maintain reliable financial records, ensure compliance with Singapore audit requirements, and build credibility with stakeholders. Whether your company is legally required to undergo an audit or you opt for one voluntarily, engaging an audit firm in Singapore helps ensure that your financial records are transparent, reliable, and in line with regulatory standards. Audits also help identify financial discrepancies, strengthen internal controls, and provide insights that support business growth.
What types of audit services are available, and which one is right for my company?
Audit services vary based on business needs and regulatory requirements. We provide the following audit services:
- Statutory Audit – Required for companies that do not qualify for audit exemption under Singapore law.
- BCA Audit – Required for contractors to meet the Building and Construction Authority’s financial requirements.
- Sales Audit (GTO Audit) – Verifies gross turnover for rental agreements.
- Grant Audit – Ensures compliance with funding requirements.
- MCST Audit – Conducted for Management Corporation Strata Title (MCST) entities.
- Group Consolidation Audit – Reviews consolidated financial statements of a group of companies.
The right audit service depends on your company’s size, industry, and compliance needs. Consulting a professional audit firm in Singapore can help determine which audit service best fits your needs.
How do I know if my business requires a statutory audit in Singapore?
Under the Companies Act, businesses in Singapore generally need to conduct statutory audits unless they qualify for an exemption. Your company may be exempt if it meets at least two of the following conditions:
- Annual revenue is below SGD 10 million.
- Total assets are under SGD 10 million.
- The company has fewer than 50 employees.
If these criteria are not met, a statutory audit is required. Additionally, certain industries and companies listed on the stock exchange must undergo audits regardless of size. An audit firm in Singapore can help review your company’s requirements and provide guidance on compliance matters.
What should I expect during the audit process?
The audit process typically involves the following steps:
- Planning & Preparation – Defining the audit scope.
- Review & Verification – Examining financial records, selecting sample transactions for review.
- Regulatory Compliance – Ensuring your company meets Singapore audit requirements and regulatory standards.
- Findings & Reporting – Highlighting key observations and recommendations.
- Finalisation & Submission – Completing and submitting the audit report.
The process may vary, but working with a professional and experienced audit firm in Singapore ensures efficiency.
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Preparing for an audit in advance can help streamline the process and prevent delays. Here are some key steps to follow:
- Keep financial records well-organised and up to date – This includes invoices, tax filings, bank statements, and transaction logs.
- Ensure payroll and tax documents are in order – Check CPF contributions, employee tax records, and GST filings.
- Review internal financial procedures – Strengthen processes to identify and address inconsistencies before the audit.
- Maintain proper documentation for financial transactions – Keep records of payments, contracts, and agreements readily available.
- Engage a professional audit firm in Singapore – Experienced auditors can help review your records and ensure compliance with Singapore audit requirements.
By preparing in advance, businesses can facilitate a smoother audit process and address any potential concerns early.
