{"id":1597,"date":"2020-11-08T01:53:48","date_gmt":"2020-11-08T01:53:48","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/?page_id=1597"},"modified":"2021-10-15T02:01:53","modified_gmt":"2021-10-15T02:01:53","slug":"audit-and-assurance","status":"publish","type":"page","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/our-services\/audit-and-assurance\/","title":{"rendered":"Audit and Assurance Services"},"content":{"rendered":"<div class=\"wpb-content-wrapper\" id=\"wpb-content-root\"><p>[vc_row full_width=&#8221;stretch_row_content_no_spaces&#8221;][vc_column icons_position=&#8221;left&#8221;][vc_single_image image=&#8221;2380&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221;][vc_empty_space height=&#8221;60px&#8221; alter_height=&#8221;none&#8221; hide_on_desktop=&#8221;&#8221; hide_on_notebook=&#8221;&#8221; hide_on_tablet=&#8221;&#8221; hide_on_mobile=&#8221;&#8221;][\/vc_column][\/vc_row][vc_row hide_bg_image_on_tablet=&#8221;&#8221; hide_bg_image_on_mobile=&#8221;&#8221;][vc_column width=&#8221;2\/3&#8243; icons_position=&#8221;left&#8221;][vc_column_text]<\/p>\n<h6 class=\"sc_item_subtitle sc_promo_subtitle sc_align_left sc_item_title_style_default\"><\/h6>\n<p>[\/vc_column_text][vc_empty_space alter_height=&#8221;none&#8221; hide_on_desktop=&#8221;&#8221; hide_on_notebook=&#8221;&#8221; hide_on_tablet=&#8221;&#8221; hide_on_mobile=&#8221;&#8221;][vc_column_text css=&#8221;.vc_custom_1610349006653{margin-top: -11px !important;}&#8221;]<\/p>\n<div class=\"justify\">\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3266 size-full\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2021\/01\/SC-Mohan-PAC-Audit-Assurance.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2021\/01\/SC-Mohan-PAC-Audit-Assurance.jpg 1000w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2021\/01\/SC-Mohan-PAC-Audit-Assurance-300x200.jpg 300w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2021\/01\/SC-Mohan-PAC-Audit-Assurance-768x512.jpg 768w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2021\/01\/SC-Mohan-PAC-Audit-Assurance-370x247.jpg 370w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2021\/01\/SC-Mohan-PAC-Audit-Assurance-760x507.jpg 760w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">In today&#8217;s challenging environment, there has been a refocusing on assurance across all industries and sectors. With industry expertise, S C Mohan PAC can help you maintain financial reporting excellence so your stakeholders and investors can have confidence in the integrity of the financial data you report. Generally, we provide financial reporting on the following three levels:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Audit &#8211; an examination in accordance with Generally Accepted Auditing Standards with the highest level of assurance;\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Review &#8211; some analytical procedures conducted with limited assurance; and<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Compilation &#8211; based upon client information provided and used primarily for internal use<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Do explore our audit and assurance services below:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Statutory audit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Group consolidation audit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Non-profit organisation audit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Charity, Institution of a Public Character (IPC) audit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">MCST (<\/span><span style=\"font-weight: 400;\">Management Corporation Strata Title)\u00a0<\/span><span style=\"font-weight: 400;\">audit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Child Care subsidy audit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Sales \/ turnover \/ income certification audit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Rental audit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">BCA (<\/span><span style=\"font-weight: 400;\">Building and Construction Authority)<\/span><span style=\"font-weight: 400;\"> audit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Grant audit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lucky draw audit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Special purpose audit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Due diligence audit<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Money-changers \/ remittance agency audit (quarterly report submission to Monetary Authority of Singapore)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Other non-statutory audit \/ assurance engagement\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Special reports on agreed upon procedures<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Review engagement<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Review of accounting and internal control systems<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Internal audit and support<\/span><\/li>\n<\/ul>\n<h6 class=\"sc_item_subtitle sc_promo_subtitle sc_align_left sc_item_title_style_default\">FAQ<\/h6>\n<\/div>\n<p>[\/vc_column_text][vc_empty_space alter_height=&#8221;none&#8221; hide_on_desktop=&#8221;&#8221; hide_on_notebook=&#8221;&#8221; hide_on_tablet=&#8221;&#8221; hide_on_mobile=&#8221;&#8221;][vc_column_text]<style>#sp-ea-2731 .spcollapsing { height: 0; overflow: hidden; transition-property: height;transition-duration: 500ms;}#sp-ea-2731.sp-easy-accordion>.sp-ea-single {margin-bottom: 10px; border: 1px solid #e2e2e2; }#sp-ea-2731.sp-easy-accordion>.sp-ea-single>.ea-header a {color: #444;}#sp-ea-2731.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body {background: #fff; color: #444;}#sp-ea-2731.sp-easy-accordion>.sp-ea-single {background: #eee;}#sp-ea-2731.sp-easy-accordion>.sp-ea-single>.ea-header a .ea-expand-icon { float: left; color: #444;font-size: 16px;}<\/style><div id=\"sp_easy_accordion-1792930869\"><div id=\"sp-ea-2731\" class=\"sp-ea-one sp-easy-accordion\" data-ea-active=\"ea-click\" data-ea-mode=\"vertical\" data-preloader=\"\" data-scroll-active-item=\"\" data-offset-to-scroll=\"0\"><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-27310\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse27310\" aria-controls=\"collapse27310\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Who can act as a Company Auditor in Singapore?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse27310\" data-parent=\"#sp-ea-2731\" role=\"region\" aria-labelledby=\"ea-header-27310\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">In Singapore, only public accountants or accounting firms approved by the Accounting and Corporate Regulatory Authority (ACRA) can act as company auditors.<\/span><\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-27311\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse27311\" aria-controls=\"collapse27311\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Who is a Public Accountant?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse27311\" data-parent=\"#sp-ea-2731\" role=\"region\" aria-labelledby=\"ea-header-27311\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">A public accountant is a person who is registered in accordance with the Accountants\u00a0Act (Chapter 2) as a public accountant.<\/span><\/p><p style=\"text-align: justify\"><span style=\"font-weight: 400\">To be a Public Accountant (Company Auditor) in Singapore, the accountant must be:<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">a member of <\/span><span style=\"font-weight: 400\">The Institute of Singapore Chartered Accountants (ISCA), formerly the Institute of Certified Public Accountants of Singapore (ICPAS), which is the national professional body for accountants in Singapore;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Must be registered as <\/span><span style=\"font-weight: 400\">a public accountant<\/span><span style=\"font-weight: 400\"> with Accounting and Corporate Regulatory Authority of Singapore (ACRA);<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Chartered Accountant of Singapore <\/span><span style=\"font-weight: 400\">(CA); and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">One with relevant <\/span><span style=\"font-weight: 400\">membership in any professional accountancy body or organisation<\/span><span style=\"font-weight: 400\"> with practical experience in audit related field.<\/span><\/li><\/ul><p style=\"text-align: justify\">There is distinction between Chartered Accountants and Public Accountants. It is important to note that not all Chartered Accountants are Public Accountants. Only a Public Accountant can be appointed as company Auditor.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-27312\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse27312\" aria-controls=\"collapse27312\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the roles and duties responsibilities of an auditor?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse27312\" data-parent=\"#sp-ea-2731\" role=\"region\" aria-labelledby=\"ea-header-27312\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The role of auditors is to report on whether the company\u2019s financial statements:<\/span><\/p><ul style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Comply with financial reporting standards;\u00a0<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Provide true and fair view of the company\u2019s financial position and performance;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">To <\/span><span style=\"font-weight: 400\">ensure compliance with established internal control procedures by examining records, reports, operating practices and documentation;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Verifies assets and liabilities by comparing items to documentation; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Completes\u00a0<\/span><b>audit<\/b><span style=\"font-weight: 400\">\u00a0workpapers by documenting <\/span><b>audit <\/b><span style=\"font-weight: 400\">tests and findings.<\/span><\/li><\/ul><p style=\"text-align: justify\">The\u00a0auditor's primary responsibility\u00a0is to express an opinion on whether management has fairly presented the information in the financial statements are properly drawn up in accordance with the provisions of the Companies Act, Chapter 50 (the Act) and Financial Reporting Standards in Singapore (FRSs) so as to give a true and fair view of the financial position of the company.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-27313\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse27313\" aria-controls=\"collapse27313\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the statutory duties of an Auditor?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse27313\" data-parent=\"#sp-ea-2731\" role=\"region\" aria-labelledby=\"ea-header-27313\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">The statutory duties of an Auditor can be summarised as follows:<\/span><\/p><ol style=\"text-align: justify\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">To make a report on the accounts of a company to members;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">To express \u201ctrue and fair\u201d opinion:<\/span><ul><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">On matters required by Section 201; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">On the balance sheet and profit and loss account<\/span><\/li><\/ul><\/li><li style=\"font-weight: 400\">To express \u201cCompliance with the Companies Act\u201d opinion as to whether:<ul><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The annual accounts are prepared in accordance with Companies Act; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The annual accounts are prepared in accordance with prescribed Accounting Standards<\/span><\/li><\/ul><\/li><li style=\"font-weight: 400\">To consider specific points before forming an opinion as to the following:<ul><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Whether the Auditor has obtained all the information and explanations that is required;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Whether proper accounting and other records, including registers, have been kept by the company as required by the Companies Act;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Where consolidated accounts are prepared otherwise than as one set of consolidated accounts for the group, whether he or she agrees with the reasons for preparing them in the form in which they are prepared, as given by the directors in the accounts;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Where consolidated accounts are prepared, whether procedures and methods use by holding company and subsidiary are appropriate; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">If there are deficiencies in the accounts, the Auditor shall state that information in the report.<\/span><\/li><\/ul><\/li><li style=\"font-weight: 400\">To conduct an audit in accordance with the Singapore Standard on Auditing;<\/li><li style=\"font-weight: 400\">To issue a qualified report if accounts do not comply with the Singapore Financial Reporting Standards unless the Auditor agrees with the departures;<\/li><li style=\"font-weight: 400\">To act in the client\u2019s best interest and preserve confidentiality; and<\/li><li style=\"font-weight: 400\">To give holding company Auditors (Group Auditors) such information and explanation necessary for the purpose of audit.<\/li><\/ol><p style=\"text-align: justify\">In addition;<\/p><ol type=\"a\"><li style=\"text-align: justify\"><span style=\"font-weight: 400\">in the course of conducting an audit or review the Auditor has reasonable grounds to suspect that a contravention of the Companies Act has occurred, and that the contravention has not been or will not be dealt with adequately by including it in the report or bringing it to the attention of the directors, the Auditor must notify the ACRA in writing. <\/span><\/li><li style=\"text-align: justify\">if an Auditor of a public company or a subsidiary of a public company has no reason to believe that a serious offence involving fraud or other dishonesty has been committed against the company by officers or employees of the company, the Auditor has to report to the Minister or the Monetary Authority of Singapore (MAS).<\/li><\/ol><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><a class=\"collapsed\" id=\"ea-header-27314\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse27314\" aria-controls=\"collapse27314\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the general rights of a Company Auditor?<\/a><\/h3><div class=\"sp-collapse spcollapse spcollapse\" id=\"collapse27314\" data-parent=\"#sp-ea-2731\" role=\"region\" aria-labelledby=\"ea-header-27314\"> <div class=\"ea-body\"><p style=\"text-align: justify\"><span style=\"font-weight: 400\">To enable the Auditors to carry out their statutory duties effectively, the Auditors are given the following rights:<\/span><\/p><ol><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Access to books and records at all times;<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Attendance at general meetings, receipt of all notices, and the right to be heard at any general meeting that he or she attends;<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">Duty to report to third parties for:<\/span><ul><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Breach of any provisions of Companies Act, the Auditor has a duty to report to the Registrar; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Fraud or dishonesty committed by employee against a public company or its subsidiaries, the Auditor has a duty to report to the Minister.<\/span><\/li><\/ul><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">In the performance of his or her duty, the Auditor is entitled to require from the company\u2019s officers any information and explanation;<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">If the company appoints another Auditor, then the Auditor had the right to make certain written subsidiary and their Auditors; and<\/span><\/li><li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">The right to resign at any time by giving notice to the company.<\/span><\/li><\/ol><\/div><\/div><\/div><\/div><\/div>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/faq\/\">More FAQ<\/a>[\/vc_column_text][vc_empty_space height=&#8221;60px&#8221; 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With industry expertise, SC Mohan PAC can help you maintain financial reporting excellence so your stakeholders and investors can have confidence in the integrity of the financial data you report. Generally, we provide financial reporting on the following three levels:<\/p>\n","protected":false},"author":7,"featured_media":3266,"parent":977,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-1597","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Audit and Assurance Services - S C Mohan PAC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/our-services\/audit-and-assurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Audit and Assurance Services - S C Mohan PAC\" \/>\n<meta property=\"og:description\" content=\"In today\u2019s challenging environment, there has been a refocusing on assurance across all industries and sectors. 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