Singapore corporate audit

In Singapore, not all companies in operation need to do audit. Generally, small and medium-sized enterprises in Singapore do not need audit and only need to provide financial statements.
Audit is mainly for high turnover or large holding company scale, meet certain standards, will be required to do audit.

What are the risks of a Singapore company meeting the audit conditions but not conducting an audit?
  • CycloseBank accounts are frozen or even closed, and money cannot be freely used
  • CycloseThe government approved the imposition of high taxes and fines
  • CycloseDirectors and shareholders will generate relevant legal risks
  • CycloseUnable to participate in bidding, financing, etc
  • CyclosePrerequisite for listing
  • CycloseNecessary documents for cancellation of the company
Singapore corporate audit process
  • 01 Confirm the business situation with customers, customers provide information (financial statements including detailed accounts, corporate structure), and our company offers prices
  • 02 Sign the commission agreement and pay the money. Our company will send the bank confirmation letter to the customer for confirmation
  • 03 Start the audit process, communicate on audit issues, and supplement information as needed
  • 04 Confirm the draft audit and send the electronic version of the audit report to the client for confirmation
  • 05 Submit the audit report to the Inland Revenue Authority of Singapore and send the return receipt to the client
Note: Audit time required1The procedure varies due to the complexity of the company's finances. If the company has multiple holdings, consolidated statements, etc., the audit time may increase.
Information required for audit of Singapore company
  • Full set of secretarial documents
  • Last year's audit report and Assessment Form (if any)
  • Bank statement
  • sales/Cost contract, invoice, bill of lading, etc
  • Expense bill(Pay stubs, freight invoices, office expenses)
  • Fixed assets and intangible assets purchased (if any)
  • Investment (bonds, stocks, etc.)
  • Subsidiary documents (if any)
Why does Singapore Audit choose HUANZE?
  • Singapore corporate auditSet up a project team to provide audit services, comb through the original documents provided by customers.
  • Singapore corporate auditIssue financial statements in advance, and then prepare the draft audit after confirmation (bad audit firms only require clients to provide monthly bank statements to produce audit reports, which has great tax risks).
  • Singapore corporate auditAfter sorting out all audit evidence, the audit shall be conducted by Singapore auditors to ensure audit quality and efficiency (bad institutions will not sort out or find problems in advance, and direct auditing by auditors will lead to risks of audit opinions).
  • Singapore corporate auditThe self-developed online information security system will sign a confidentiality agreement to ensure that the customer's financial data is not leaked. 
  • Singapore corporate auditKeep audit files properly10(Bad institutions will not save, if the client company turnover, unable to provide timely audit related data).
  • Singapore corporate auditCan provide follow-up tax related support.

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