Package fee for auditing services | fee (sgd) |
|---|---|
Statutory Auditing Services | From S$3,000 onwards |
Gross Turnover Audit | From S$700 onwards |
Subsidy Audit | From S$700 onwards |
Audit Services
In Singapore, all companies are required to be audited unless they qualify as a small company.
What is a small company or a small group?
Under the Thirteenth schedule of the CA, a company is considered a “small company” if it is a private company throughout the current financial year, and satisfies any 2 of the following 3 criteria for each of the 2 financial years immediately after the current financial year:
- Its revenue does not exceed $10 million;
- The value of its total assets does not exceed $10 million; and/or
- It does not have more than 50 employees.
A group is a small group from a financial year if the group satisfies any 2 of the following 3 criteria for each of the 2 financial years immediately preceding the financial year:
- The consolidated revenue of the group does not exceed $10 million;
- The value of its total assets does not exceed $10 million; and/or
- The group does not have more than 50 employees.
Benefits of performing financial audit
- Those charged with governance such as the Board of directors – It gives assurance to the directors that the company is running in accordance with the information they are receiving from the management and helps them to determine the adequacy of the internal controls. It helps to detect any weaknesses in internal controls and prevent fraud through the annual review of internal controls by the auditors.
- Shareholders – It gives assurance to the shareholders that the financial statements that they are getting at each AGM are true and fair.
- Lenders such as banks – As the company’s financial statements are audited, It projects credibility in a company whether your company is able to repay the loans as and when they fall due. It allows banks to give out loans and financial help to the company.
- Employees – It will result in higher staff retention and confidence in the company when the financial statements of the company are audited by an independent auditor.
- Customers – It provides assurance that the company will be able to fulfill the performance of any contract awarded to the company.
- Suppliers – It gives the suppliers confidence in supplying goods and services to the company and providing credit terms which will aid in the cash flow of the company.
- Government agencies such as the tax authority rely on the auditors because the profit calculated by the auditors is considered as the final one and based on this calculated profit the tax authority assess the tax such as corporate tax and GST of the company.
- Potential investors – It sends out a signal to any potential investors that the company’s accounts is clean which will boost the investment value of the company.
What types of auditing services do we provide ?
Our partners in audit provides Singapore-based auditing services in a wide range of auditing services which include:
- Annual Statutory Audit
- Internal Audit
- Special Engagement Audit / Grant Audit / Subsidy Audit
- Gross Turnover (GTO) Audit