We at Singapore Accountants offer the comprehensive audit and assurance services by adopting advanced international audit techniques. We also perform all audit planning and risk assessment activities using latest technology and software.

Scope Of Work For Our Audit Services

Financial Statement Audit:

• Audit of Financial Statements: Reviewing the company’s financial statements (balance sheet, income statement, cash flow statement, and notes to the financials) to ensure compliance with Singapore Financial Reporting Standards (SFRS).
• Verification of Financial Data: Verifying the accuracy and completeness of financial records, including revenue, expenses, assets, liabilities, and equity.
• Assessment of Internal Controls: Assessing the company’s internal controls to ensure they are sufficient to prevent fraud and errors in financial reporting.

Compliance Audit:

• Compliance with Singapore Companies Act: Ensuring that financial statements and disclosures are prepared in accordance with the Companies Act of Singapore.
• Audit of Regulatory Compliance: Verifying that the company adheres to tax regulations (including GST and corporate tax), employment laws, and other relevant statutory obligations.
• Audit Opinion: Providing an audit opinion on whether the financial statements present a true and fair view of the company’s financial performance and position.

Risk Assessment:

• Risk-Based Audit Approach: Identifying and assessing the key financial risks that could impact the company’s financial reporting, including potential fraud risks, material misstatements, or non-compliance with regulations.
• Review of Key Business Processes: Auditing core business processes such as revenue recognition, payroll, and procurement to identify any risks or weaknesses.

Report Preparation & Communication:

• Audit Report Preparation: Preparing an audit report that provides the audit firm’s opinion on the accuracy and reliability of the financial statements.
• Management Letter: Providing a management letter outlining key audit findings, including any weaknesses in internal controls and recommendations for improvement.
• Stakeholder Communication: Presenting the audit results to key stakeholders, including company management, the board of directors, and regulatory authorities if required.

Key Responsibilities For Audit Projects

Our responsibilities focus on ensuring the accuracy, compliance, and transparency of your company’s financial reporting including:

Audit Planning & Strategy:

• Audit Planning: Developing a comprehensive audit plan based on the company’s financial complexity, industry, and risk profile. The plan should outline key focus areas, audit procedures, and timelines.
• Risk Assessment: Conducting a thorough risk assessment to identify areas that require deeper investigation during the audit.

Execution of Audit Procedures:

• Fieldwork & Testing: Performing audit procedures such as analytical review, substantive testing, and detailed examination of supporting documents (e.g., invoices, contracts) to verify financial data.
• Internal Control Testing: Testing the effectiveness of the company’s internal controls to ensure that they are adequate to prevent fraud or material misstatement in financial reporting.

Compliance & Reporting:

• Financial Statement Compliance: Ensuring that the company’s financial statements comply with SFRS, the Singapore Companies Act, and other relevant regulations.
• Audit Opinion: Issuing an independent audit opinion on the financial statements, determining whether they present a true and fair view of the company’s financial position.

Communication & Recommendations:

• Management Letter: Communicating any findings, weaknesses, or risks to company management and offering actionable recommendations to improve internal controls and financial processes.
• Audit Adjustments: Advising on and implementing any required audit adjustments to correct misstatements or errors identified during the audit.
• Timely Reporting to Regulators: Submitting audited financial reports and disclosures to regulatory authorities such as ACRA (Accounting and Corporate Regulatory Authority) and IRAS (Inland Revenue Authority of Singapore) on time.