Audit Services
in Singapore
At HeySara, we understand that maintaining financial integrity and compliance is crucial for any business operating in Singapore. Our comprehensive Audit Services are designed to provide you with the assurance and insights needed to navigate the complexities of the regulatory landscape with confidence.
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Audit
& Tax Filing Requirements in Singapore
- Total revenue not exceeding SGD 10 million,
- Total assets not exceeding SGD 10 million,
- Fewer than 50 employees.
1. Filing Audit Reports with the Inland Revenue Authority of Singapore (IRAS)
Audit reports must be filed alongside your company’s Income Tax Return (Form C-S/C) with the Inland Revenue Authority of Singapore (IRAS). Typically, the first Form C-S/C is issued by the IRAS 18 months after incorporation. At this time, you must submit your company’s audit report, tax computation, and Form C-S/C. To ensure a smooth process, it is advisable to start preparing these documents well in advance. Engaging reliable accounting and auditing firms is crucial for accurate and timely submissions. Singapore law mandates that the auditor must be an external and independent entity, specifically a Certified Public Accountant (Practising).
what we do
Professional Audit Services
Statutory Audit
Ensure compliance with regulatory requirements. Provide an independent assessment of your financial statements.
Internal Audit
Enhance internal controls and operational efficiency. Identify risks and improve governance.
Special Purpose Audit
Address specific audit needs such as mergers, acquisitions, or compliance with grant conditions. Deliver tailored audit reports for unique situations.
Compliance Audit
Verify adherence to industry-specific regulations and standards. Provide comprehensive compliance assessments and recommendations.
Forensic Audit
Investigate financial discrepancies and fraud. Provide detailed forensic reports and support legal proceedings.
Tax Audit
Ensure accuracy and compliance with tax regulations. Provide insights for optimizing tax strategies.
WHY Heysara
Why Choose HeySara For Company Auditing Services
Experienced Professionals with Deep Industry Knowledge
Tailored Audit Services to Meet Your Specific Needs
We offer tailored audit services aligned with your unique business needs. Whether it’s a statutory, internal, or special purpose audit, our personalized approach delivers precise and relevant results, ensuring the most effective solutions for your business.
Utilization of Advanced Tools and Techniques
We leverage advanced auditing tools and techniques to enhance accuracy and efficiency. Our innovative approach ensures comprehensive analyses, early issue identification, and actionable insights, keeping you ahead in a rapidly evolving business environment.
Dedicated Support and Personalized Service
Our clients are at the heart of everything we do. We provide dedicated support and personalized service throughout the audit process, ensuring timely and effective assistance. We prioritize your needs, working closely with you to deliver exceptional audit services.
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FAQ
All companies incorporated in Singapore, except for those classified as “small companies,” are required to undergo a statutory audit. A company qualifies as a “small company” if it meets at least two of the following criteria:
- Total annual revenue not exceeding SGD 10 million.
- Total assets not exceeding SGD 10 million.
- Number of employees not exceeding 50.
To qualify for audit exemption, a company within a group must meet the criteria for a small company and belong to a small group. Here are the requirements:
- Small Company Criteria: The company must meet the small company criteria (refer to conditions above).
- Small Group Criteria: The entire group must qualify as a small group.
Singapore companies classified as small companies retain their status in subsequent financial years unless they are disqualified. A company is disqualified if:
- It ceases to be private at any time during the financial year.
- It fails to meet two of the three qualifying criteria for the past two consecutive financial years.
A dormant company in Singapore can be exempt from audit requirements as well if it meets one of the following conditions:
- It has been inactive since its creation.
- It has been inactive since the end of the previous financial year.
The small company audit exemption applies only to companies incorporated in Singapore. However, when determining if the group to which a company belongs qualifies as a small group, all entities within that group, including foreign entities, are considered. This includes assessing whether the consolidated total revenue and consolidated total assets of the group meet the specified thresholds.
Internal audits help organizations:
- Enhance internal controls and operational efficiency.
- Identify and mitigate risks.
- Improve governance and compliance.
- Provide recommendations for business process improvements.
The frequency of internal audits depends on the company’s size, complexity, and regulatory requirements. However, many companies conduct internal audits annually or semi-annually to ensure continuous improvement and compliance.
A statutory audit focuses on verifying the accuracy of financial statements and ensuring they comply with accounting standards and regulations. A compliance audit, on the other hand, assesses whether a company adheres to specific regulatory requirements, industry standards, or internal policies.
The documents required for an audit typically include:
- Financial statements (balance sheet, income statement, cash flow statement).
- General ledger and trial balance.
- Bank statements and reconciliations.
- Invoices and receipts.
- Tax filings and supporting documents.
- Internal policies and procedures.
The cost of audit services varies based on factors such as the size and complexity of the company, the scope of the audit, and the specific services required. It is best to contact us to get a customized quote for our audit service.
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