AUDIT SERVICES SINGAPORE
Audit Services Singapore
Audit Services Singapore – According to the Accounting and Corporate Regulatory Authority of Singapore (ACRA) , there are a few requirements that will either make your company one that is exempted or one that requires auditing and here are the requirements:
As per July 2015, the new system for audit exemption is as per the following rules and you must fit the criteria to be determined as a “small company”:
Effective of 1st July 2015 with financial years begining on or after 1 July 2015 (those before this dates, old system still apply for YA 2016)
Company is a private company
Fulfils at least two out of three of the following criteria for the immediate past two consecutive financial years.
Total Annual revenue of lesser than 10 million
Total Assets of lesser than 10 million
Total employees count lesser than 50
For a company to be classified as being part of a group
Company must be a small company
Entire group must be a small group, it must meet two out of three of the quantitative criteria on a consolidated basis for the immediate past two consecutive financial years
Disqualified if cease to be private company
Does not meet at least two out of three criterias
You can read up more from the official ACRA website.
If you do fulfill any of the requirements, you must audit your company accounts by a Charted Accountant of Singapore.
SMEs below $10 million in revenue or assets are exempted from auditing due to new rules set forth by the government.
Small companies that are not part of a bigger group that qualify for small company classification are exempted.
There may be some required by the banks or their suppliers or during merger and acquisition of companies to be placed under audit. Our partners do the necessary work on time & with great care.
Koh Management works closely with multiple Singapore auditing services partners with many years of experience in listed firm and SME firm. This firms are reliable and cost efficient firms with Auditor partners from respected backgrounds.
We only work with professionals that we trust that will handle your cases well.
Contact us today for a quick introduction with our Singapore auditing services partners and find out more about audit services Singapore!
What is an audit?
An audit is an independent, objective examination and evaluation of financial statements, records, operations, internal controls, and compliance with laws and regulations. It is performed by trained professionals called auditors.
The purpose of an audit is to provide reasonable assurance that an organization's financial statements are free of material misstatement and reasonably present the true financial position, results of operations, and cash flows of the organization. In addition, an audit can help an organization identify weaknesses in internal controls and compliance with laws and regulations.
Audits are conducted in accordance with generally accepted auditing standards (GAAS), which set forth the requirements for conducting an audit. These standards include guidelines on planning an audit, identifying and assessing risks, designing and performing audit procedures, and evaluating and communicating audit results.
There are different types of audits that can be performed, depending on the needs of the organization. For example, a financial statement audit is conducted to provide assurance that an organization's financial statements are fairly presented in accordance with generally accepted accounting principles (GAAP). An operational audit is conducted to assess an organization's efficiency and effectiveness in carrying out its operations. A compliance audit is conducted to evaluate an organization's compliance with laws and regulations.
Audits are conducted by independent auditors who are not employed by the organization being audited. The auditor expresses an opinion on the fairness of the financial statements and compliance with laws and regulations based on his or her examination.
The auditor's report is addressed to the organization's board of directors and management. It contains the auditor's opinion, as well as any recommendations for improving the organization's financial statements, internal controls, or compliance with laws and regulations.
Audits are an important part of an organization's risk management process. They provide a systematic and independent assessment of the organization's financial statements, records, operations, internal controls, and compliance with laws and regulations. By conducts audits on a regular basis, organizations can identify weaknesses in their systems and procedures, and take corrective action to prevent future problems.
Why do you need audit?
There are a number of reasons why you might need an audit. For example, you may be required to have an audit by law or regulation, or your lender may require an audit as a condition of lending money to your organization. In addition, your board of directors or shareholders may request an audit in order to obtain assurance that the organization's financial statements are accurate and free of material misstatement.
An audit can also be helpful in identifying weaknesses in internal controls and compliance with laws and regulations. By conducting an audit on a regular basis, organizations can take corrective action to prevent future problems.
At Koh Management, we have partners with many audit firms that can assist you with your
Singapore Audit Services needs.
Speak to us to be connected to a Certified Public Accountant (CPA) today
18 Sin Ming Lane #07-01, Midview City, Singapore 573960
Tel: (65) 6256 9663
Fax: (65) 6256 9685
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