Audit
What is an external financial audit?
An external financial audit is an assurance engagement in which an external party is contracted to give an unbiased opinion of the financials of a company.
Is a external financial audit required in Singapore?
It depends. If a private company in the financial year in question does not meet two out of the three following requirements in Singapore for the immediate past two consecutive financial years:
-
Total annual revenue ≤ S$10m;
-
Total assets ≤ S$10m;
-
Number of employees ≤ S$50.
there is no requirements for a statutory audit. For companies that are part of a group of companies, the assessment is more complex. Do contact us for more information.
Why does a company still want to do an external financial audit?
An audit does not only focus on the financial figures, an audit requires an understanding of the business process that contribute to the figures. This allows control deficiencies to be identified and corrections to be undertaken to ensure that the business is more efficient.
For external stakeholders, a financial audit instill a sense of credibility. This is beneficial to a company whom wishes to raise external debt or additional capital injections.
Why choose us?
We believe that a statutory audit is more than compliance requirements. It offers a chance for us to create value for management through offering of a customized audit experience that is catered to your company, tapping on experiences we have garnered and technological advancements that we have at our disposals.