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:
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:
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.
The following types of companies are required to have their financial statements audited in Singapore:
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.
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:
For personalized accounting and legal services, please contact our Singapore lawyers.
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