Performing an Audit in Singapore

A presentation brought to you by Singapore-Accounting.com

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Audit Requirements in Singapore

• Investors who open a company in Singapore must comply with the current legislation for auditing and reporting.

• The audit principles can differ according to the type of company and its annual revenue.

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Audit Legislation in Singapore >>

• Audit transparency is one of the reasons why Singapore has a favourable business climate.

• The main set of regulations for auditing are issued by the Institute of Singapore Chartered Accountants (ISCA). An accounting firm in Singapore can help you comply with these requirements.

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>> Audit Legislation in Singapore

• Independent auditors in Singapore must conduct their activities in accordance with the existing Standards on Auditing.

• Auditors need to specify the main audit issues on the audit of financial statements.

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Singapore Standards on Auditing

• The Institute of Singapore Chartered Accountants issues the Singapore Standards on Auditing (SSAs).

• These refer to the objectives of an auditor, the conduct of an audit, quality control for financial statements and others.

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Auditor Appointment in Singapore• Companies in Singapore are required

to appoint an auditor after their incorporation.

• Our accountants in Singapore are able to provide you with complete services, according to the local and international standards of auditing.

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Audit Requirements for Small Companies in Singapore• Small companies in Singapore are

not required to perform mandatory audits if they meet two of the three criteria:

the total revenue for the financial year is

lower than SGD 10 million;

the total assets for the same period are

lower than SGD 10 million;

the no. of employees for the same

period is lower than 50.

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Accounting Requirements in Singapore

• Apart from auditing, companies in Singapore must also meet the existing accounting standards.

• These are the Financial Reporting Standards, mandatory for all businesses in the country. An accountant in Singapore will take all of these into consideration.

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Accounting Reporting in Singapore

• Singapore companies must report the financial activities during one tax year and must prepare these reports, that may be subject to auditing, according to the Financial Reporting Standards.

• A cash flow statement, a profit and loss account and a balance sheet are some of the most important documents that need to be prepared.

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Audit and Accounting Services in Singapore

• Our accounting firm in Singapore is able to provide you with bookkeeping services and auditing services, as required per your type of company.

• You can contact our Singapore accountants for assistance in auditing and accounting matters.

Thank You for Your Attention!

For more information please contact us at:

 + 852 8191 3385 (for international clients)

office@singapore-accounting.com

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