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Auditing Services Faqs

Is it required for each and every Singapore company to file its audited annual accounts with ACRA?

No, it is not true! It is not mandated for Exempt Private Limited Companies (EPCs) and Dormant Companies.

It is required of EPCs to file their solvency declaration. They are required to maintain proper accounting records, prepare and present financial statements in compliance with the Singapore Financial Reporting Standards (FRS) and the Companies Act.

Dormant companies must submit Form C or Form C / S, unless it has granted a waiver. It should also prepare its accounts which it may or may not be required to submit to ACRA.

Does every company need to appoint an auditor?

If your company is exempted from audit requirements then there is no need to hire an auditor. Otherwise a company must employ an auditor within 3 months of its incorporation. It is mandated under Section 205 of the Singapore Companies Act (Cap. 50).

What are the main types of auditing?

Basically, audit can be classified into internal and external audit.

The law demands from each company, unless it is exempted from the audit requirements, that it must perform external audit. It is performed by the auditors from other companies. These professionals are hired by the shareholders of a company. The audit report is submitted to the shareholders.

Internal audit is initiated by the audit committee or the directors of the company for streamlining the processes and for enhancing the operational efficiency of the organization. The audit report is submitted to the audit committee or the directors.

Can a foreign company be audit exempted?

No, rulings regarding audit exemption apply only to the private companies that are incorporated in Singapore.

When an audit exempted company needs to audit its accounts?

The Registrar may ask the company officers to prepare an audit report and submit it to ACRA.

Such an invitation or order, generally, spells trouble for your company. It means your company is suspected of violating Company Act of Singapore; Section 119 (relating to accounting records and system of control) and Section 201 (relating to director’s report).

How auditing helps my company?

Auditing report prepared by a qualified auditor can reveal the true financial state of your company.

Auditing is done to check the veracity or the truthfulness of the claims made by the management of the company in financial statements of the company.

Auditing is a great tool for detection of laxness or the mistakes in following standard procedures of recording and maintaining accounts. It can also reveal fraudulent transactions or the frauds perpetrated by the management.

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