What Documents do Auditors Ask for? Singapore

Roger Pay
Aug 22, 2024
4 min read

Updated: Nov 11

What Documents do Auditors Ask for? Singapore

Documents Auditors Typically Request in Singapore

Auditors in Singapore typically request a wide range of documents to assess the accuracy and completeness of a company's financial statements. While the specific documents may vary depending on the nature of the business and the scope of the audit, here are some common examples:

Financial Statements

Income Statement:
Shows the company's revenues, expenses, and net profit or loss.
Balance Sheet: Lists the company's assets, liabilities, and equity.
Cash Flow Statement: Tracks the inflow and outflow of cash.

Supporting Documents

General Ledger: The primary accounting record that summarizes all financial transactions.
Journal Entries: Detailed records of individual transactions.
Bank Statements: Records of all bank transactions.
Accounts Receivable and Payable Records: Details of amounts owed to and by the company.
Inventory Records: Information on the quantity and value of inventory.
Fixed Asset Records: Documentation of property, plant, and equipment.
Payroll Records: Information related to employee wages, taxes, and benefits.
Tax Returns: Corporate income tax returns and other relevant tax filings.

Contracts and Agreements

Customer and Vendor Contracts: Agreements with customers and suppliers.
Lease Agreements: Contracts for the rental of property.
Employment Contracts: Agreements with employees.

🇸🇬 How Bestar Singapore Can Help

What Documents do Auditors Ask for? Singapore

Bestar Singapore primarily helps businesses with their audit process by providing Audit and Assurance Services and comprehensive Corporate Support Services, which directly assist in the preparation and organization of documents requested by external auditors.

Bestar Singapore positions itself as a corporate support and audit firm that can streamline the compliance and audit process for businesses, particularly SMEs, in line with ACRA (Accounting and Corporate Regulatory Authority) and IRAS (Inland Revenue Authority of Singapore) regulations.

Financial Records Preparation: Bestar offers Accounting and Bookkeeping Services, ensuring that your financial records, including the General Ledger, Trial Balance, and supporting documentation, are accurately maintained, reconciled, and compliant with Singapore Financial Reporting Standards (SFRS). This is the foundation of any smooth audit.
Audit & Assurance Services: By engaging Bestar for their audit and assurance practice, they can directly assist with the statutory audit, which is a mandatory annual requirement for most companies in Singapore. Their in-house professionals understand the audit requirements and can help to:
- Organize and Present Documents: They assist in compiling and presenting the entire suite of financial records and supporting evidence to the external auditor.
- Respond to Auditor Queries: They act as an intermediary, using their expertise to efficiently address questions and provide clarifications requested by the external audit team.
Corporate Secretarial Services: Keeping statutory records (like minutes of meetings, director and shareholder registers) up-to-date and compliant is crucial. Bestar's corporate secretarial services ensure these non-financial documents are properly maintained and readily available for auditor review.

📋 Documents Auditors Typically Ask for in Singapore

Auditors require comprehensive documentation to verify the accuracy and fairness of a company's Financial Statements and ensure compliance with the Companies Act and SFRS. The requests are generally categorized as follows:

1. Financial Statements and Primary Records

These documents form the core of the financial report being audited.

Financial Statements:
- Statement of Financial Position (Balance Sheet)
- Statement of Comprehensive Income (Profit & Loss)
- Statement of Cash Flows
- Statement of Changes in Equity
- Notes to the Financial Statements (detailed disclosures)
General Ledger and Trial Balance (a listing of all accounts and their balances)
Prior Year's Audited Financial Statements and the Management Letter (if applicable)

2. Supporting Financial Documentation

These records verify the transactions recorded in the general ledger.

Category	Typical Documents Requested	Purpose
Cash & Banks	Bank Statements for all accounts, Bank Reconciliation statements.	To verify cash balances and transactions.
Sales & Revenue	Sample Sales Invoices, customer contracts, Accounts Receivable aging reports.	To test revenue recognition and collectability.
Purchases & Expenses	Sample Supplier Invoices, purchase orders, expense claims, Accounts Payable aging reports.	To verify expenses, liabilities, and proper cut-off.
Fixed Assets	Fixed Asset Register (listing cost, acquisition date, and depreciation schedule), supporting invoices for new asset purchases.	To verify ownership, existence, and depreciation expense.
Inventory	Inventory Listing (quantities and values), physical count procedures/documentation.	To verify existence, valuation, and potential obsolescence.

3. Compliance, Tax, and HR Documentation

These documents confirm legal and regulatory adherence.

Tax Compliance: Corporate Tax Returns, GST Returns (if applicable) and working papers for tax computations.
Statutory Records: Corporate secretarial records, minutes of Board Meetings, shareholder and director registers.
Payroll: Payroll Records, CPF contribution details, employee contracts, and records of bonuses or benefits.
Legal/Other: Loan agreements, lease agreements (for property/equipment), and significant contracts with third parties.