<\/p>\n
Company Statutory Audit<\/h3>\n
A company statutory audit<\/a> is an external audit which is carried out annually. These audits must meet specific regulations which have been set by the legislation. In an audit process, the company\u2019s financial records and accounting books are examined by auditors.<\/p>\n <\/p>\n <\/p>\n These auditors are responsible for a business\u2019s audit opinion. They must ensure that audits are carried out per the Singapore Standards on Auditing (SSA) guidelines and requirements.<\/p>\n ACRA will inspect all audits performed by auditors in Singapore. This is to ensure compliance with the SSA requirements. The SSA is the equivalent of the internationally recognised International Auditing Standards.<\/p>\n <\/p>\n To comply with Singaporean law, companies must file their annual statements. Auditors will be responsible for overseeing that these documents are filed per IRAS<\/a> and ACRA\u2019s requirements. The audited financial statements include:<\/p>\n Audited financial statements are mainly to ensure that the company\u2019s financial records are in order. Auditors in Singapore would conduct a thorough audit and then submit that for review. During that review, errors in financial records will be brought to attention. These statements are also helpful when shareholders need to present their financial standings to banks for greater credibility.<\/p>\n <\/p>\n In July 2015, ACRA introduced the Small Company Concept following the new Companies Act reform. This concept introduced audit exemptions for small companies. A company in Singapore that qualifies as a \u201csmall company\u201d can reduce their regulatory costs because they would have to comply with fewer audit requirements.<\/p>\n To qualify as a small company in Singapore, a business must comply with any two requirements below:<\/p>\nWho Are the Approved Auditors in Singapore?<\/h3>\n
![\"Auditors](\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2024\/07\/photo-auditors-in-singapore-400x300-1.jpg\" "\\"Auditors")
They must be registered public accountants. Only then can they be appointed to audit a company\u2019s financial statements<\/a>. To register as a public accountant with ACRA, you must provide the following documents:<\/p>\n\n
What Do Auditors in Singapore Do?<\/h3>\n
What Are Audited Financial Statements?<\/h3>\n
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![\"Auditors](\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2019\/08\/photo-auditors-in-singapore-820x250.jpg\" "\\"Auditors")
<\/p>\nAudit Exemptions in Singapore<\/h3>\n
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