An audit is the systematic and independent examination of the financial report of an organisation, adhering to the auditing standards set up by the government. Auditing provides a true and fair representation of the organization’s financial position at a given date.
What is Auditing
Depending on the structure and scale of your company, you may be subjected or exempted from an annual audit in Singapore.
Criteria for Audit Exemption
Since the amendment of the law on 1 Jul 2015, more companies are exempted from auditing if they qualify as a ‘small company’ or part of a ‘small group’. Any other companies that fall outside the categories are required to comply with audit requirements.
To qualify for a ‘Small Company’:
• Company must be a Private company during the financial year; and
• Meets at least 2 out of 3 of the following criteria for immediate past two consecutive financial years:
o Total annual revenue ≤ $10m;
o Total assets ≤ $10m;
o Number of employees ≤ 50
For a company which is part of a group:
• The company must qualify as a small company; and
• Entire group must be a ‘small group’
o For a group to be considered a ‘small group’, it must meet at least 2 out of 3 criteria on a consolidated basis
Read more at ACRA: https://www.acra.gov.sg/components/wireframes/legislationDetails.aspx?pageid=2818
Benefits of Audit
Besides the need for regulatory compliance, auditing also provides a wide array of benefits such as:
Our Auditing and Assurance Services
If your company is required to comply with annual auditing, our expert Audit and Assurance team at Oribell is here to help. Comprises of qualified chartered auditors, we are well-equipped with years of experience and wealth of industry know-how to provide you with bespoke audit plans that best suit your nature of business.
Here at Oribell, we are fully committed to delivering highly accurate and objective auditing and assurance services, ensuring that our clients’ financial statements adhere to the Singapore Financial Reporting Standard (“SFRS”) and in compliance with all other government regulatory requirements.
We understand that an organisation’s financial information is integral to garner trust in the global business world. So during our audit, we go the extra mile to help identify any weaknesses of your internal control may possess, provide invaluable advisory and follow up on the implementation. To top it off, we also carry out the audits in a timely and efficient manner, which translates into extra savings for our clients.
We Provide Auditing and Assurance Services
Documents Required for Audit
Although different business structures and auditing require different supporting documents, here is the list of commonly required documents:
MANAGEMENT ACCOUNTS
- General ledger
- Profit & loss statements
- Trial Balance
- Balance Sheet
INVOICES/ PURCHASE ORDERS
- Timesheet
- Contracts
- Delivery order
- Bill of Lading (BOL)
PAYMENTS/ RECEIPTS
- Bank in slips
- Transaction slips
- TT/ iBank
- Letter of credits
- Pay slips