What is Audit?

An audit is a detailed, systematic examination and verification of a company’s financial records, accounting practices, and overall financial health. It is important in demonstrating a better insight of an organization, especially the finances needed to support the decision-making to improve your business.

Our Different Types of Corporate Audit Service Packages

Our experienced auditors are able to provide the various auditing outsourced services, ranging from:

Statutory Audit Service (Active Company) From $2800 Per Audit

For a company with its financial year beginning prior to 1 July 2015:

  • All shareholders are individuals and
  • Total number of shareholders are less than 20 and
  • Annual turnover of the company is less than S$5 million.

For a company with its financial year beginning on or after 1 July 2015, the Company must qualify as a small company for the immediate past two consecutive financial years.

A company qualifies as a small company if (a) it is a private company in the financial year in question; and (b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:

(i) total annual revenue is not more than $10m;

(ii) total assets is not more than $10m;

(iii) no. of employees is not more than 50.

For a company which is part of a group, to qualify to the audit exemption:

(a) the company must qualify as a small company; and

(b) the entire group must be a “small group”

For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.

If your company is subject to annual audit requirement, we work with an external audit partner in order to maintain independence and objectivity of the work performed. The fee listed here is our external audit partner’s estimated audit fee for a company with low number of transactions for the year.

Rental/ Sales Audit Service From $800 Per Audit

Need a public accountant to certified your revenue? Contact us by filling up the contact us form

Charity Audit (Enquire with us)

Institutions which are established for charitable purposes are required to have a charity audit. Based on IMC’s recommendations, All Institutions of a Public Character (IPCs) have to comply with FRS and RAP 6 for charities issued by the Institute of Certified Public Accountants of Singapore. Our auditors are ready to serve you with the utmost efficiency and professionalism.

Special Audit (Enquire with us)

Special audit is provided for the exempt private companies (EPT), non-corporate entities such as sole traders, associations, charitable trusts, clubs, Management Corporation Strata Title (MCST), and foundations.

We perform different special audit engagement base on the requirements. There are some special purposed audit in Singapore, the common one is Audit of Gross Turnover, which requested by the landlord, or other special requirement from government authority.

  • Agree-upon procedure

We also provide agree-upon procedure, which we will agreed with the management and to report on factual findings. However, there was no assurance is expressed

Importance of Corporate Auditing Services

Why Should You Hire Our Corporate Auditing Services in Singapore?

Expertise and Experience

Our team of seasoned corporate audit professionals delivers insightful, high-quality audits across diverse industries, offering cost-effective solutions.

Tailored Approach

We understand each organization’s unique needs and challenges. Our audit services are fully customizable to meet your specific requirements.

Compliance and Regulatory Guidance

Stay compliant with the latest audit standards and regulations. Our team keeps you updated on changing tax laws and ensures compliance.

Cost Optimization

Our certified auditors help optimize expenses by streamlining inventory, workforce, and other areas, while offering competitive audit fees.

Actionable Insights and Financial Planning

Receive detailed audit reports with recommendations to improve financial processes, controls, and performance. We help create customized financial tracking systems.

Time and Energy Savings

Outsource finance, payroll, and tax tasks to our experienced professionals, allowing you to focus on revenue-generating activities..

How Does Our Services Work?

At SG Biz Works, we follow a comprehensive, multi-step corporate audit process to ensure a thorough and efficient engagement:

1. Onboarding and Planning

We begin by gaining an in-depth understanding of your business, its operations, and your specific audit requirements. This allows us to develop a customized audit plan.

2. Information Gathering

Our team will meticulously review your financial records, accounting practices, and supporting documentation to collect all relevant information.

3. Analysis and Validation

We utilize advanced analytical techniques to verify the accuracy and integrity of your financial data, identify any discrepancies or risks, and assess the overall financial health of your organization.

4. Reporting and Recommendations

Upon completing the audit, we will provide you with a detailed report outlining our key findings, conclusions, and actionable recommendations to enhance your financial processes and controls.

5. Ongoing Support

Even after the audit is complete, we remain available to provide any additional guidance, advice, or support your organization may require.

FAQs

What is the difference between non- statutory audit and statutory audit?

A non-statutory audit is voluntary, while a statutory audit is legally required for certain companies to ensure compliance with accounting standards and provide assurance to stakeholders. Statutory audit services are essential for companies in Singapore that meet the legal criteria.

Why statutory audit is better than internal audit?

Statutory audits are conducted by independent, external auditors following stringent standards, providing objective assessment. For building stakeholder trust, companies in Singapore often prefer a statutory audit service over internal audits.

Is statutory audit compulsory?

Yes, a statutory audit is compulsory in Singapore for public companies, companies limited by guarantee, and those meeting certain revenue, asset, or employee criteria as per the Companies Act.

What is corporate service audit?

A corporate audit service involves a comprehensive audit of a company’s financial statements, internal controls, and operations, typically undertaken by large corporations or multinationals. It evaluates compliance and provides recommendations for improving corporate governance and risk management.

Singapore Statutory Audit Service (for Active Company) From 

S$ 2, 500 (Per Audit)

Recommended For The Budget Conscious

 

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