Singapore’s business ecosystem is built on financial integrity and regulatory compliance. One of the key requirements for businesses operating in the country is conducting statutory audit firm singapore. Understanding these audit requirements is essential for companies to remain compliant with ACRA regulations.

What Is a Statutory Audit?

A statutory audit is a mandatory examination of a company’s financial statements to ensure they present a true and fair view of the business’s financial position. This audit must be conducted by an independent public accountant registered with ACRA.

Who Needs a Statutory Audit?

Companies in Singapore that meet two out of three of the following criteria are required to conduct a statutory audit:

• Annual revenue exceeding SGD 10 million
• Total assets above SGD 10 million
• More than 50 employees

Process of a Statutory Audit

1. Engagement & Planning - The audit firm reviews financial documents and understands the company’s operations.
2. Risk Assessment - Identifying areas where financial misstatements or fraud risks may exist.
3. Audit Execution - Verification of financial records, transactions, and compliance with SFRS.
4. Reporting & Compliance - A report is submitted to ACRA confirming compliance and financial accuracy.

Conclusion

Statutory audits in Singapore play a crucial role in upholding corporate accountability. Businesses should engage with experienced auditors to ensure compliance and maintain financial transparency, fostering trust among stakeholders and investors.