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Running an Audit in Singapore

Running an Audit in Singapore

Updated on Friday 18th September 2015

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Running-an-Audit-in-SingaporeAudit legislation in Singapore

The main audit regulations for public accountants in Singapore are provided by the Accounting and Corporate Regulatory Authority through the Accountants Act. The Audit Act is the main regulatory framework Singapore companies must abide by when filing their annual financial statements. The Commercial Law in Singapore establishes that all companies are required to appoint an auditor within 3 months from the date the company was registered. However, exceptions are allowed for companies that fulfill all of the following requirements:

  • - the company’s shareholders are individuals,
  • - the company has less than 20 shareholders,
  • - the company’s annual turnover is below 5 million S$.

Annual filing requirements in Singapore

Singapore companies are required to prepare financial accounts on an annual basis and in accordance with the Financial Reporting Standards. The financial accounts to be audited in Singapore are:

  • - the Profit and Loss Account,
  • - the balance sheet.

Limited liability companies in Singapore are also required to declare to the Inland Revenue Authority (IRAS) an Estimated Chargeable Income (ECI) 3 months before the end of the company’s financial year. The accounts will be audited once all the financial accounts are prepared.

Audit requirements in Singapore

The following types of companies are required to have their financial statements audited in Singapore:

  • - the Singapore company has a corporate shareholder,
  • - the company’s annual turnover exceeds the 5 million S$ threshold.

Also, each company must hold an annual general meeting where the accounts must be presented. Following the annual general meeting, the company will lodge an Annual Return which will contain the Singapore company’s audited accounts with ACRA. The annual tax returns must be filed before November, 30th in Singapore.

Audit services in Singapore

Our law firm in Singapore works with a team of accountants to provide an array of complete services to clients. Among the accounting services available in Singapore are:

  • - audit services according to International Audit Standards,
  • - financial statement audits,
  • - accounting services.

For personalized accounting and legal services, please contact our Singapore lawyers.

 

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