With a sound practical knowledge of auditing, we are able to tailor our audit approach to meet the specific circumstances of each client.
We’re glad you asked. An audit is a procedure carried out periodically by an independent party to assess the accounts and records of an organisation, to ensure that they have been properly maintained, are accurate and comply with legislative, financial reporting and auditing standards to give a true and fair view of an organisation’s financial affairs.
To determine whether an audit is necessary, companies will have to assess whether they meet the audit exemption criterion. The Companies (Amendment) Bill 2014 was passed by Parliament in October 2014 and among the key changes introduced was the “Small Company” concept. The small company qualifying criteria apply to private companies who meet at least 2 of 3 following criteria for the immediate past two consecutive financial years:
The new audit exemption guidelines are intended to help reduce regulatory costs for smaller companies that do not have wide market impact.
If you are uncertain as to whether your company requires an audit, please feel free to contact us and our experts will advise you accordingly.
Companies which are exempt from audit requirement are still required to prepare financial statements and file annual returns with the Accounting and Corporate Regulatory Authority (ACRA).
As part of our services, we also offer assistance to draft unaudited financial statements and also assist with the filing of the annual returns if we are also acting as your company’s corporate secretary. Please see our Corporate Secretarial Services for more information.
At Thong & Lim, we take great care in ensuring our clients meet their filing obligations and we do this through a comprehensive tracking software which allows us to notify you well in advance if there is an upcoming filing deadline.
The accounting standards in Singapore are known as the Singapore Financial Reporting Standards (FRS), which are issued by the Accounting Standards Council (ASC).
Our team of experts ensure they are kept abreast of any updates to the FRSs and that the company’s financial statements are presented in accordance with all new and/or revised FRSs.
Dormant companies are exempt from preparing financial statements if they fulfil the substantial assets test (total assets < S$500,000) and if the company has been dormant from the time of formation or since the end of the previous financial year.
Note that this also does not exempt the company from preparing accounts, as such accounts will still need to be presented to the shareholders for the AGM.
Contact us for more details. We would love to hear from you! Get in touch with one of our professional consultants now using the online form below or calling +65 6224 1076.
