{"id":2325,"date":"2020-11-26T13:03:30","date_gmt":"2020-11-26T13:03:30","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/?page_id=2325"},"modified":"2025-08-12T15:18:12","modified_gmt":"2025-08-12T07:18:12","slug":"audit-and-assurance","status":"publish","type":"page","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/solutions\/audit-and-assurance\/","title":{"rendered":"Audit And Assurance (Company and Group Level)"},"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;4600&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221; css=&#8221;&#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_1754983070106{margin-top: -11px !important;}&#8221;]<\/p>\n<div class=\"justify\">\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4596 size-full\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2020\/12\/home-slider-1920x1280-1.jpg\" alt=\"S C Mohan PAC\" width=\"1920\" height=\"1281\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2020\/12\/home-slider-1920x1280-1.jpg 1920w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2020\/12\/home-slider-1920x1280-1-300x200.jpg 300w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2020\/12\/home-slider-1920x1280-1-1024x683.jpg 1024w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2020\/12\/home-slider-1920x1280-1-768x512.jpg 768w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2020\/12\/home-slider-1920x1280-1-1536x1025.jpg 1536w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2020\/12\/home-slider-1920x1280-1-370x247.jpg 370w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2020\/12\/home-slider-1920x1280-1-760x507.jpg 760w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Audit and assurance services are at the heart of what we do. As a global service provider, we ensure that all your audit and assurance needs are met wherever you may be located. Audits may seem daunting, but with the active involvement of our partners and senior auditors, you will realise it doesn\u2019t have to be.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Our full spectrum of audit and assurance services together with group accounts consolidation services meets the industry\u2019s highest technical and ethical standards while ensuring compliance with financial reporting regulations. Our services testify to your organisation\u2019s internal functions and efficiencies, with an aim to present a quality opinion of your organisation that will assist in the critical decisions you face.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">We provide audit services for companies, government authorities and not-for-profit organisations, etc. Regardless of the industry or situation, our audit services will help you fine-tune your business operations, identify business risks and uncover any non-compliance issues in your policies and procedures. And foremost, we\u2019ll strive to make your audit process as stress free as possible.<\/span><\/p>\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-1792954403\"><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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As a global service provider, we ensure that all your audit and assurance needs are met wherever you may be located. Audits may seem daunting, but with the active involvement of our partners and senior auditors, you will realise it doesn\u2019t have to be.<\/p>\n","protected":false},"author":7,"featured_media":3218,"parent":1395,"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-2325","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 (Company and Group Level) - 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\/solutions\/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 (Company and Group Level) - S C Mohan PAC\" \/>\n<meta property=\"og:description\" content=\"Audit and assurance services are at the heart of what we do. 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