The Ultimate Guide to Audit Services in Singapore: Ensuring Compliance & Business Growth
- Roger Pay
- 11 minutes ago
- 3 min read
Top-Rated Audit Services in Singapore | 2024 Compliance Guide for SMEs
Looking for reliable audit services in Singapore? Our expert CA auditors provide statutory, GTO, and MCST audits. Ensure ACRA & SFRS compliance with ease. Get a quote.
The Ultimate Guide to Audit Services in Singapore: Ensuring Compliance & Business Growth
In Singapore’s rigorous regulatory environment, an audit is more than just a statutory obligation; it is a seal of transparency that builds trust with banks, investors, and the Accounting and Corporate Regulatory Authority (ACRA).
Whether you are an SME, a non-profit, or a Management Corporation Strata Title (MCST), choosing the right audit services in Singapore is critical to your operational success.
1. Do You Need a Statutory Audit? (The "Small Company" Concept)
Many business owners are unsure if they require an audit. According to the Singapore Companies Act, a company is exempt from audit if it qualifies as a “Small Company.” To qualify, it must meet at least two of the following criteria in the last two financial years:
Total annual revenue ≤ S$10 million
Total assets ≤ S$10 million
Number of employees ≤ 50
If you do not meet these, a statutory audit is mandatory.
2. Comprehensive Audit Services We Offer
We provide specialized auditing tailored to Singapore's unique market:
Statutory Financial Audits
We ensure your financial statements are prepared in accordance with the Singapore Financial Reporting Standards (SFRS). Our process is designed to be "frictionless," minimizing disruption to your daily operations.
Gross Turnover (GTO) Audits
Common for retail tenants in major Singapore malls (like Capitaland or Frasers), a GTO audit verifies your sales figures for rental purposes. We provide fast-turnaround reports to help you meet mall management deadlines.
MCST & Management Fund Audits
Managing a residential or commercial property? We specialize in MCST audits, ensuring that management and sinking funds are handled with the highest level of fiduciary integrity.
Grant & Charity Audits
For organizations receiving government grants or IPC status, we provide the specific verification reports required by Singaporean agencies to ensure continued funding.
3. Why Choose Our Singapore Audit Firm?
Certified Chartered Accountants: Our team consists of CA Singapore members registered with ISCA.
Risk-Based Approach: We don't just "check boxes." We identify internal control weaknesses and provide actionable insights to prevent fraud.
Transparent Pricing: No "hidden costs." We provide fixed-fee quotes based on your company's transaction volume.
4. How to Prepare for Your Audit: A Checklist
To ensure a smooth process, have the following ready:
Trial Balance & General Ledger: Fully reconciled for the financial year.
Bank Confirmations: Authorization for us to contact your banks directly.
Inventory Records: Documentation of year-end stock-takes.
Schedule of Fixed Assets: Including additions and disposals.
5. Frequently Asked Questions (FAQ)
Q: How much do audit services cost in Singapore?
A: Fees vary based on company size and complexity. For a dormant or small company, fees can start from S$1,500, while larger SMEs may range from S$3,000 to S$8,000+.
Q: How long does a typical audit take?
A: A standard statutory audit usually takes 2 to 4 weeks from the time all documents are provided.
The Ultimate Guide to Audit Services in Singapore: Ensuring Compliance & Business Growth
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Link to our Tax Services and Bookkeeping pages.
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