Financial Audit Service
Statutory Financial Audit Service is performed by a Practising Chartered Accountant (formerly known as Practising Certified Public Accountant) of Singapore. Many Accountants are Non-Practising Chartered Accountant of Singapore which means that they have the knowledge of accounting and auditing but do not have the licence to certify whether the Financial Statements are “True and Fair”.
Some companies are required to have its Financial Statements audited under ACRA’s regulation. Only Small Companies which meet certain conditions are exempted from Statutory Financial Audit. The Audit aims to examine the Financial Statements and provide an opinion whether the numbers and notes or disclosures shown in the Financial Statements can reasonably be relied on. It also examines the internal controls of the company to determine if they are sound. When the Statutory Financial Audit did not raise any red flags, it means there is certain level of assurance that the Financial Statements are showing reliable numbers and disclosures, and the users can have certain level of confidence relying on the Financial Statements.
As many external parties like investors, tax authority and lenders rely on the Financial Statements, Companies may be motivated to report the Financial Statements in their favour to attract investors, reduce tax liability, obtain more loans and/or for some other reasons.
Favorable Opinion from Financial Audit Does NOT Guarantee Correctness
While your business objective is to serve your customers well and growth your business, our business objective is to organize your accounts and ensure that you can continue to focus on your business objective. Let us remove the your stress from having to maintain and keep track of your accounts. Let us provide you with quality accounting services at affordable rates.
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Opinion from Financial Audit Service
There are mainly 3 types of Audit Opinion as follows:
- An Unqualified Opinion: This means that the Financial Statements are free from material misstatements or errors. In layman terms, the Financial Statement have produced a clean sheet or passed well.
- A Qualified Opinion: This means that there are areas in the Financial Statements which does not comply with Financial Reporting Standards of Singapore and they are flagged up. Other than these areas, the Financial Statements can still be relied on.
- An Adverse Opinion: This means that the Financial Statements cannot be relied on because it is not presented truly and fairly in accordance with the Financial Reporting Standards of Singapore.
Sales Audit Service or Rental Audit Service
Sales Audit is not a Statutory requirement but is commonly performed nowadays for other reasons. Sales Audit may be requested by landlord to confirm that the Sales or Revenue amount is not materially under-stated when the rental income of the landlord is based on percentage of Sales. The landlord may require the tenant to perform the Sales Audit to confirm that the Sales amount in the unaudited Financial Statements is reliable for rental calculation and collection.
Internal Audit Service
While external financial audit provides an opinion on the financial statements and sales audit provides an opinion on sales amount, internal audit focuses on helping the organization to evaluate its governance processes and identify areas of risk so as to implement necessary internal controls to ensure the risk is properly managed.
External audit mainly satisfies the need of shareholders and other external stakeholders like creditors, etc. while internal audit mainly satisfies the internal board of directors and management.
Bookkeeping service ensures that transactions are recorded in required rules for meaningful accounting interpretation later. It is time to engage a bookkeeper to book your accounting transactions orderly and properly.
With technological advancement and so many accounting software in the market, there should be one which meets your needs and requirement. Let us set up the accounting software for you and integrate it with the current accounting work.
Payroll Service in Singapore should be done by payroll experts. We ensure that your payroll tasks are performed by qualified payroll specialists.
With our quality tax service by accredited tax professionals, you can be assured of tax compliance in Singapore. Let us advise you on your Corporate Tax, Individual Tax, Goods & Services Tax (or Indirect Tax, including Registration with IRAS), Withholding Tax and Transfer Pricing matters to ensure tax efficiency for your business.
Leave all the ACRA's administrative issues and filing with us. We let you outsource this compliance area so that you can focus your attention on building a profitable business. If you are starting a business, let us incorporate or register the business for you. Check out our promotional package for new company.
Chat with us at (+65) 6303 0625 so that we know what is your accounting and auditing requirements. Our accounting and auditing services may not be the cheapest but it is definitely value-for-money considering the quality of accounting and auditing work we are performing.