Statutory Audits with New Regulations in Singapore
Foreign entrepreneurs relocate their businesses to Singapore due to the simplicity of doing business in this country. It at the heart of Asia, a strategic location that enables the country to trade with other countries easily. Moreover, Singapore has a low tax rate compared to many other countries in the world. The government recognizes that advantage and therefore makes it easy for businesses who want to start their business here. Incorporation and setting up a company in Singapore is simple with the help of a corporate secretarial firm who are filing agent with ACRA. Singapore has affordable taxations, and introduction of incentives and government grants may also aid new business who setup business in Singapore.
If your company are not exempted from audit, then your business and it’s operations have to be compulsory audited to ensure that you are compliant to the regulatory bodies of Singapore. Depending on your business, auditing can sometimes be an internal requirement to determine the fairness and accuracy of the financial report in your company. As such, statutory audits may also be voluntary in nature. With the new regulations of a “small company” definition in Singapore, most small firms should now be exempted from being audited.
Process of Statutory Audits in Singapore
Even though some companies are required to appoint an internal company auditor (if you are audited internally), the government also requires a set of audited financial statements report for an annual statutory audit if you are not exempted and does not meet the audit exemption criteria(s). This yearly regulatory audit should be conducted by external auditors who are Certified Chartered Accountants. Companies’ laws and regulations are governed by the regulatory authorities in Singapore, and the nature of auditing in Singapore is done in accordance to the Singapore Standards on Auditing (SSAs).
The statutory audit of your company will hence involve the examination of your financial data, and the credibility of the books of accounts in your firm. Samples will be picked to check if the books are true and fair as at a relevant date. This activity is done to prevent or correct the discrepancies or misstatement in the financial statements.
Unless a company is exempted to conduct an audit, every incorporated entity in Singapore ought to do a statutory audit and prepare accurate financial report. The statutory audit is vital to the operations of an organization as it ensures they are smooth and their management is as it is expected. You will need to engage the services of a reliable, registered and experienced audit firm who provides audit services to do the statutory audit for you.
Statutory Audits and other related Services
The professional auditors will go a step further in their auditing practice and offer you extra advice, guidance and consultation, and even how to improve the performance of your business and operations. Other services offered include but not limited to accounting, payroll, corporate secretarial, taxation, company incorporation and striking off closing down a company etc.
Your business will also benefit from the results of the audit, because most of the time, it will also assist you to note the areas that have that capacity to improve. In that case, you will concentrate more on those areas to improve the productivity of your business and systemize it. The regulatory systems in Singapore are meant to ensure that business operations are conducted within the stipulated laws being laid. In addition to that, the system makes the process of registering and starting a business in Singapore very simple. This helps to attract more investors into the country. Whether you are looking for auditing services or other company related services such as starting a new business in Singapore, J Accounting Services is there to help you with it and to live your dream.