If you need to perform an audit for your company, our accounting firm in Singapore can provide you with assistance in this matter.
| Quick Facts | |
|---|---|
| Audited financial statement filing required (YES/NO) | YES |
Financial statement filing deadlines | 3 months from the end of the financial year |
Mandatory appointment of auditors (YES/NO) | YES, within 3 months from business incorporation |
| Accepted accounting standards | Singapore Standards on Auditing, International Financial Reporting Standards |
| Documents to be verified by auditors | Financial statements |
| Content of the financial statement | Balance sheet, statement of comprehensive income, statement of change in equity, cashlfow statements and notes, comparative report |
| Audit requirements for foreign companies | Singapore branches of foreign companies must file financial accounts in accordance with the Singapore Standards on Auditing |
| Corporate tax rate | 17% |
| Audit services availability (YES/NO) | YES |
| Types of audit services available | Internal and external audits, statutory audits, financial and tax audits, compliance and operational audits |
| Audit legislation applicable | The Accountants Law and the Code of Professional Conduct and Ethics are the main laws to be respected by Singapore auditors |
Annual meeting of shareholders to approve audited financial accounts (YES/NO) | Yes, shareholders must hold an annual meeting to approve the audited accounts |
Availability of forensic audit services in Singapore (YES/NO) | Yes, our audit firm also offers forensic audit services |
| Audit exemptions (if any) | Yes, exemptions are available for: – small business; – dormant companies. |
| Regulations to be respected by auditors in Singapore | Singapore Standards on Auditing |
| Auditors’ accreditations | Singapore auditors must be registered with the Institute of Singapore Chartered Accountants |
| Audit Quality Indicators | Here are the indicators to be respected during an audit: – hours; – experience; – training; – inspection; independence. |
| Annual filing requirements for companies | Companies must file annual returns on a yearly basis, one month after the annual general meeting of the shareholder |
| Special audit requirements (if any) | Yes, limited companies must also release an Estimate Chargeable Income when filing financial statements with the Inland Revenue Authority |
| Availability of other services (if any) | We also provide accounting, payroll, bookkeeping, and XBRL filing services |
| Shareholders’ approval of the audited financial statements (YES/NO) | Yes, the shareholders must approve the financial statements, but for private companies, the general meeting is not mandatory. |
Requirement to appoint independent auditors for Singapore companies (YES/NO) | Yes, companies must have independent auditors verifying their financial statements. |
Auditor appointment requirement | Within 3 months from the incorporation of the company. |
| Audit requirements for foreign enterprises | Foreign companies must respect the same audit regulations as local enterprises, except for branches for which special regulations apply. |
| Audit requirements for branches of foreign companies | Branches must file audited profit and loss accounts and an audited statement. |
| Auditing standards applicable to Singapore branches | IFRS |
| Audit requirements for group companies in Singapore | Group companies can benefit from audit exemptions as long as they qualify as a small group. |
| Audit exemption criteria | – the total revenue is maximum SGD 10 million; – a company’s total assets do not exceed SGD 10 million; – the total number of full-time workers is maximum 50. Two of the three criteria must be met.
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| Accounting records for companies | The accounting records must contain: – profits and loss account, – assets and liabilities, – balance sheet, – financial statements. |
| Special regulations for SMEs in Singapore (YES/NO) | SMEs are exempt from audits in Singapore. |
| Audit requirements for sole traders (YES/NO) | Sole traders are not subject to audits in Singapore. |
| Audit requirements for self-employed people/freelancers (YES/NO) | Self-employed people and freelancers are exempt from audits. |
| Special audit services for large companies (YES/NO) | Available, our auditors in Singapore are at the service of large enterprises. |
| Financial year calculation in Singapore | The financial year is chosen by each company. |
| Accounting and audit services in Singapore provided by accredited specialists (YES/NO) | Yes, our accountants and auditors in Singapore are chartered. |
Table of Contents
Are Singapore companies required to appoint auditors?
Yes, one of the mandatory requirements when starting a business in Singapore is to appoint auditors in order to meet the Company Law’s regulations. At least one auditor must be nominated by the directors of the company no later than 3 months after the company was incorporated.
What audit services do you offer in Singapore?
These are the main types of audits available in Singapore:
- internal and external audits,
- forensic audits,
- statutory audits,
- financial and tax audits,
- compliance audits,
- operational audits.
Our accountants can provide more detailed information on the types of audit services we offer in Singapore.
What types of companies do you service?
We are at the service of domestic and foreign companies operating through subsidiaries and branches in Singapore.
What are the Singapore companies that are required to have their accounts audited?
Public and private companies. Exceptions apply to certain private companies that qualify as small enterprises.
What are the audit exemptions applicable to small companies in Singapore?
Companies that meet two of the following criteria qualify for audit exemptions:
- the total annual revenue is below or equal to SGD 10 million (approximately USD 8 million);
- the total value of assets is below or equal to SGD 10 million;
- the number of full-time employees is 50.
You can read about how to perform an audit in Singapore in the infographic below:
Are there any companies that can benefit from audit exemptions in Singapore?
Yes, group companies that are made up of holdings and their subsidiaries are subject to the same criteria applicable to small enterprises. Dormant companies are not required to have their accounts audited if they have no accounting transactions and the total value of their assets does not exceed SGD 500,000. Our accountants in Singapore can have these criteria verified and confirm whether your business must or must not undergo an audit.
Must the audited accounts of a Singapore company be approved by the shareholders?
The law no longer requires private companies to hold Annual General Meetings of the shareholders if all of them agree to skip this step. The exemption also applies if the financial statements are seen by all the shareholders within 5 months of the end of the financial year.
What are the financial documents reviewed during an audit in Singapore?
The following:
- the balance sheet;
- the Profit and Loss Account;
- the Cash Flow Statement;
- the Statement of Changes in Equity;
- the Accounts Payable and Accounts Receivable ledgers;
- the account balances.
Additionally, other documents that may be requested by the auditor may include the company’s bank records, sales and purchases documents, payroll summaries, corporate tax income statement, and even the Goods and Services Tax returns.
Our accountants in Singapore invite you to watch a short video about audit requirements:
What are the regulations applicable to auditors in Singapore?
In order to register as a public accountant, ACRA requires a person to:
- Have a prescribed qualification;
- Have the appropriate audit experience;
- Have the appropriate ongoing professional education;
Be a member of the Institute of Singapore Chartered Accountants (ISCA).
Do you offer international assistance?
You can rely on us if you need an audit in Singapore, no matter the type of company you own. In case you need this type of service in another jurisdiction, for example in a European country, such as Finland, you can contact our partners who are experts in accounting and audit matters.
In case you need other business-related services, such as company formation services, you should know we have a wide network of partner company incorporation firms and our partners can assist you, even if you are thinking of starting a new company or expanding your company in Brazil.
Having an auditor for your new company is also an important aspect in Thailand, where all types of companies must file an annual audit. In case you need these types of services in Thailand, our partners who are also experts in company incorporation matters can assist you.
If you need further information on how to perform an audit in Singapore, please contact our Singaporean accountants for assistance in this matter.