{"id":4558,"date":"2016-11-16T08:43:03","date_gmt":"2016-11-16T08:43:03","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/kewee.com.sg\/?page_id=4558"},"modified":"2024-04-15T10:46:05","modified_gmt":"2024-04-15T02:46:05","slug":"auditing-services","status":"publish","type":"page","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/kewee.com.sg\/auditing-services\/","title":{"rendered":"Auditing and Assurance Services"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row full_width=&#8221;&#8221;][vc_column width=&#8221;3\/4&#8243; bg_column_overleft=&#8221;&#8221; equal_height=&#8221;&#8221;][vc_row_inner][vc_column_inner][vc_column_text]<\/p>\n<h1>Assurance and Audit Services in Singapore<\/h1>\n<p><span style=\"font-weight: 400;\">Explore our specialised audit and assurance services tailored to address the unique requirements of your business operations in Singapore. Our audit services address a wide range of assurance requirements from auditing of statutory financial statements to ensuring compliance with internal policies or regulatory standards. Whether it&#8217;s conducting audits for fund management companies, money changers and remittances entities or non-profit entities, we provide reliable and professional audit services that caters to your industry and requirements. Trust our team to navigate complex engagements with finesse and deliver services that meet your compliance and reporting requirements efficiently.<\/span><\/p>\n<h2>Types of audit and assurance services:<\/h2>\n<ul>\n<li>Audit of statutory financial statements for companies and branches of foreign companies complying with the Singapore Financial Reporting Standards (FRS) and Companies Act 1967<\/li>\n<li>Audit of financial statements of registered fund management companies (RFMC) and Capital Markets Services (CMS) licence holders (for fund management) and reporting on required returns to MAS (MAS forms)<\/li>\n<li>Audit of money changers and money transfer (remittances) businesses under the Payment Services Act 2019 and reporting on required returns to MAS (MAS forms)<\/li>\n<li>Audit of societies and co-operative societies<\/li>\n<li>Audit of Institutions of Public Character (IPCs), charities and non-profit entities<\/li>\n<li>Audit of Annual Subvention Reports for Private Nursing Homes<\/li>\n<li>Performance of Agreed-Upon Procedures (AUP) for child care subsidy claims from ECDA<\/li>\n<li>Audit of claims for grants or subsidies from Economic Development Board (EDB), Health Promotion Board (HPB) and other government agencies<\/li>\n<li>Management Corporation Strata Title (MCST) financial statements as required by Building Maintenance and Strata Management Act.<\/li>\n<li>Audit of Gross Turnover for lease and tenancy agreements<\/li>\n<li>Other kinds of Accountants&#8217; or Audit Reports including audit of and income verification for self-employed persons<\/li>\n<\/ul>\n<h2>Typical Auditing Process<\/h2>\n<p>Auditing involves obtaining of sufficient appropriate evidence regarding the balances and disclosures in the financial statements and other reports. The work of auditors is carried out in accordance with the requirements set out in the Singapore Standards on Auditing (SSAs). Auditing of financial statements provide a level of assurance to users of the financial statements of their reliability and quality. Users of such audited financial statements include shareholders, bankers and lenders, suppliers and even customers of the entity.<\/p>\n<h2>Key Benefits of an Audit<\/h2>\n<p>While not designed specifically for such, the auditing process may uncover significant fraud or errors. An audit increases the possibility of discovery of fraud and acts as a deterrent. Potential losses due to fraud usually far surpass the cost of an audit. Significant weaknesses noted in existing systems of internal control will usually be reported to the entity by the auditor. Such reporting to management facilitates continuous cost-effective improvements in internal controls which protects value and enhances the quality of accounting and financial reporting of the entity. Even if not required to do so by external parties, companies may want to have its financial statements audited, especially if it is not prepared by a suitably qualified accountant.<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Hiring a Singapore auditor is an important decision that will contribute to your compliance track record and governance of your business.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Singapore auditors possess in-depth knowledge and understanding of the local regulatory landscape, including the Singapore Financial Reporting Standards (FRS), Companies Act 1967, and other relevant legislation.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Auditors play a crucial role in providing assurance on the information in your financial statements. This will not only instil confidence in stakeholders but also in management and Directors of the Company who are responsible for the financial statements.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">External audits conducted by independent Singapore auditors enhance the credibility and trustworthiness of your financial statements. This is particularly important for businesses seeking to attract investors, secure financing, or enter into partnerships.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Auditors are trained to assess risks and may identify areas of potential fraud or financial mismanagement. Their objective evaluation of internal controls and risk management processes helps mitigate the risk of fraud and irregularities within your organisation. <\/span><\/li>\n<\/ul>\n<h2>Statutory Requirements for Audit<\/h2>\n<p>Audited financial statements are required as part of the company financial reporting and compliance process for non-exempt companies. For more information, see <strong><a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/kewee.com.sg\/singapore-company-compliance\/\">Compliance Requirements for Companies in Singapore<\/a><\/strong>. Audited financial statements may also be required for certain licences or permits and government departments.<\/p>\n<p>Management accounts properly prepared by suitably qualified accountants will reduce the burdens, complications and costs of an audit of financial statements. Required reports, schedules, explanations and documents should be readily available to facilitate a smooth audit. Contact us if you require our services to assist you in preparing for an audit or to review whether your company is ready for a financial audit.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][vc_column width=&#8221;1\/4&#8243;][vc_empty_space][vc_single_image image=&#8221;5941&#8243; img_size=&#8221;full&#8221;][vc_empty_space][vc_single_image image=&#8221;5938&#8243; img_size=&#8221;full&#8221;][vc_empty_space][vc_single_image image=&#8221;5940&#8243; img_size=&#8221;full&#8221;][vc_empty_space][\/vc_column][vc_column][vc_empty_space][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;3\/4&#8243;][vc_row_inner][vc_column_inner][vc_column_text]<\/p>\n<h2>Compilation and preparation of unaudited financial statements<\/h2>\n<p>Currently all companies, including dormant and exempt private companies, are required to prepare statutory financial statements complying with the requirements of the Companies Act 1967 and Singapore Financial Reporting Standards. Compliance with Singapore Financial Reporting Standards are required by law. For Singapore incorporated companies, a full set of statutory financial statements comprises:<\/p>\n<ul>\n<li>Statement by Directors,<\/li>\n<li>Statement of Financial Position,<\/li>\n<li>Statement of Profit or Loss and other Comprehensive income,<\/li>\n<li>Statement of Changes in Equity,<\/li>\n<li>Statement of Cash Flows, and<\/li>\n<li>Notes to the financial statements<\/li>\n<\/ul>\n<p>This requirement applies even if company is exempt from having its financial statements audited, dispensed with the requirement to hold Annual General Meetings (AGMs) or is otherwise exempt from holding AGMs, and have sought exemption from the Inland Revenue Authority of Singapore (IRAS) to submit income tax returns.<\/p>\n<p>See further <strong><a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/kewee.com.sg\/singapore-company-compliance\/\">Compliance Requirements for Companies in Singapore<\/a><\/strong>.<\/p>\n<p>Management \/ internal accounts are required for preparation of unaudited financial statements. These will comprise a balance sheet, profit and loss account, standard accounting reports including general ledger or transaction listing report, accounts receivable (trade debtors) listing, accounts payable (trade creditors) listing and schedules of other balance sheet and profit and loss accounts.<\/p>\n<p>These reports are prepared as part of the accounting process. For more information on this service, see <span style=\"color: #ff0000;\"><strong><a style=\"color: #ff0000;\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/kewee.com.sg\/accounting-svcs\/\">Accounting Services<\/a><\/strong><\/span>.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][vc_column width=&#8221;1\/4&#8243;][vc_empty_space][vc_single_image image=&#8221;4813&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;3\/4&#8243;][vc_row_inner][vc_column_inner][vc_column_text]<\/p>\n<h2>Internal Audit Outsourcing Services<\/h2>\n<p>Internal audit services are provided to assess compliance with company policies and procedures, determine if internal controls are carried out satisfactorily and may also help determine if resources are used efficiently. Internal audit is an integral part of an entity&#8217;s risk management process.[\/vc_column_text][\/vc_column_inner][vc_column_inner][vc_empty_space][\/vc_column_inner][vc_column_inner][vc_column_text]<\/p>\n<h2>Review of Management Reports and Internal Controls<\/h2>\n<ul>\n<li>Quality assurance reviews of internally prepared management accounts, budgets, forecasts and other financial information, especially when prepared by non-suitably qualified persons.<\/li>\n<li>Review of accounting procedures and internal control processes to identify risk areas.<\/li>\n<li>Enhancement of procedures and controls to eliminate or reduce risk of fraud and errors.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;30px&#8221;][\/vc_column_inner][\/vc_row_inner][\/vc_column][vc_column width=&#8221;1\/4&#8243;][vc_single_image image=&#8221;5957&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_row_inner][vc_column_inner][vc_column_text]<\/p>\n<h2><span style=\"font-weight: 400;\">Frequently Asked Questions About Our Audit Services<\/span><\/h2>\n<p>[\/vc_column_text][vc_toggle title=&#8221;What are the benefits of conducting an audit for my business?&#8221; style=&#8221;bg-without-heading&#8221; open=&#8221;true&#8221; el_id=&#8221;1713148754533-140f42d5-286a&#8221;]<span style=\"font-weight: 400;\">Audits provide an independent and objective assurance of the information in your financial statements, enhancing credibility and trust among stakeholders. They also help identify areas for improvement in internal controls and risk management.<\/span>[\/vc_toggle][vc_toggle title=&#8221;What is the difference between an audit and other assurance services?&#8221; style=&#8221;bg-without-heading&#8221; open=&#8221;true&#8221; el_id=&#8221;1713148922193-0eeb8562-425b&#8221;]<span style=\"font-weight: 400;\">An audit involves examining financial statements to express an opinion on the compliance of the financial statements with accounting standards. Other assurance services, such as internal audits, review engagements and agreed-upon procedures, provide varying levels of assurance tailored to specific needs.<\/span>[\/vc_toggle][vc_toggle title=&#8221;How long does the audit process typically take?&#8221; style=&#8221;bg-without-heading&#8221; open=&#8221;true&#8221; el_id=&#8221;1713148949701-1d1df31b-6438&#8243;]<span style=\"font-weight: 400;\">The duration of an audit varies depending on the size and complexity of the business, the quality of accounting records, internal controls, and the availability of necessary documentation. Generally, audits can range from a few weeks to a few months, with larger companies requiring more extensive audit procedures.<\/span>[\/vc_toggle][\/vc_column_inner][\/vc_row_inner][vc_empty_space][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row full_width=&#8221;&#8221;][vc_column width=&#8221;3\/4&#8243; bg_column_overleft=&#8221;&#8221; equal_height=&#8221;&#8221;][vc_row_inner][vc_column_inner][vc_column_text] Assurance and Audit Services in Singapore Explore our specialised audit and assurance services tailored to address the unique requirements of your business operations in Singapore. Our audit services address a wide range of assurance requirements from auditing of statutory financial statements to ensuring compliance with internal policies or regulatory standards.<\/p>\n","protected":false},"author":8,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-4558","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/kewee.com.sg\/wp-json\/wp\/v2\/pages\/4558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/kewee.com.sg\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/kewee.com.sg\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/kewee.com.sg\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/kewee.com.sg\/wp-json\/wp\/v2\/comments?post=4558"}],"version-history":[{"count":97,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/kewee.com.sg\/wp-json\/wp\/v2\/pages\/4558\/revisions"}],"predecessor-version":[{"id":6024,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/kewee.com.sg\/wp-json\/wp\/v2\/pages\/4558\/revisions\/6024"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/kewee.com.sg\/wp-json\/wp\/v2\/media?parent=4558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}