Top Audit Firms in Singapore

What should you look for in an audit services provider in Singapore?

Choosing a good audit services provider is an absolute must, not just because of the credibility they give to your financial statement audits but also for the practical solutions that can facilitate your business processes. In deciding on an audit firm, ACRA registration is one of the first things you should look for, as well as a solid reputation and references as an established practice. The auditing firms you consider should know taxation rules, tax planning, and best accounting practices inside out. Most of all, the audit firms on your shortlist should, on top of offering the advisory solutions, financial reporting, and other consulting services that your company needs, have a team you can trust and work well with.

Do you still need to do an audit if you have a small company?

While small companies aren’t strictly required to have an audit done, there is such a thing as a voluntary audit which is a highly recommended practice. Doing a voluntary audit can save small companies a lot of trouble once they start to grow and the time comes when an audit will be required of them by law. There’s also always the chance that a small company’s financial records could come under scrutiny by the Department of Customs and Excise, and especially by the Inland Revenue Authority of Singapore or IRAS. The good news is that small companies don’t have to spend much on a voluntary audit, and the peace of mind that an audit provides can be invaluable in the event of a tax investigation.

What happens if you don’t do an annual company audit?

Not complying with statutory requirements for a regular audit is the last thing your company wants to do. Every company officer responsible could be convicted if found guilty of non-compliance and even pay a fine of $5,000 on top of the default penalty. The penalties can become even more severe if the audit contains misleading information, and if a company fails to engage an auditing firm or notify the authorities of a change of auditor within 14 days of the change or appointment. 

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