Audit Services
in Singapore
Annual Audit in Singapore
Companies operating in Singapore are required to have their financial statements audited annually, as mandated by the Companies Act 1967. These audits must be conducted by independent auditors who are approved by the Accounting and Corporate Regulatory Authority (ACRA). The audit requirement applies to companies that do not qualify for audit exemption under the Small Company Criteria, as well as public companies and subsidiaries of foreign companies.
To qualify for the audit exemption, a company must satisfy at least two of the following criteria for the past two consecutive financial years:
- Total annual revenue not exceeding SGD 10 million.
- Total assets not exceeding SGD 10 million.
- Number of employees not exceeding 50.
As a one-stop service provider, ATA Outsourcing Malaysia, with its team of experienced auditors, is pleased to offer comprehensive audit services tailored to your company’s needs.
Request A QUOTE
Public Companies
Public companies listed on the Singapore Exchange (SGX) are subject to more stringent audit and financial reporting requirements. These companies must comply with the Singapore Financial Reporting Standards (International) [SFRS(I)], ensuring that their financial statements are audited annually by qualified independent auditors approved by the Accounting and Corporate Regulatory Authority (ACRA).
Foreign Companies Operating in Singapore
Foreign companies operating in Singapore may also be subject to statutory audit requirements, depending on their business activities and corporate structure. These requirements vary, and it is essential for foreign entities to seek professional advice to ensure compliance with Singapore Companies Act 1967 and other local laws and regulations.
Annual Audit Deadline
Audited financial statements must be submitted annually to the Accounting and Corporate Regulatory Authority (ACRA) within seven months after the end of the financial year. Non-compliance may result in penalties and other enforcement actions.
Required documents for an annual audit:
The minimum required documents to start working on your company audit are:
- Complete records of income and expenses for the financial year.
- Bank statements for the financial year.
- Lease agreements, if applicable.
- Financial statements from the previous year’s audit.
- Company seal and statutory documents.
- Tax filings, including estimated chargeable income (ECI), Form C, and GST reports.
- Inventory records (if applicable).
- Title deeds or ownership documents for fixed assets (if applicable).
Please Note:
All of those documents will be provided by our company in case we’ve already provided the accounting service for your company.
When the audit has been completed:
Once the audit is finalized, our auditors will provide a copy of the audited financial statements for your company director(s) to review and sign.
If the Inland Revenue Authority of Singapore (IRAS) identifies additional tax liabilities, we will notify you and offer assistance to resolve the matter.
Additionally, any required shareholder notifications, meeting minutes, or public disclosures must be completed within 30 days after the audit is finalized.
Audit Services We Provide:
Statutory Audit
Tax Audit
Internal Audit:
Contact Us
Share us your requirements and needs! We will get back to you with a personal and confidential quotation.
