SG Company Audit

In Singapore, there are clear regulations and standards for company audits. Understanding when an audit is required and the costs involved in an audit is an important part of corporate compliance operations. This article will provide a detailed introduction to when Singapore companies need to be audited, the purpose of the audit and its costs, and how to complete this process efficiently through NEO.

When do Singapore companies need to be audited?

According to the regulations of the Singapore Accounting and Corporate Regulatory Authority (ACRA), not all Singapore companies need to undergo annual audits. Companies that meet the conditions of small companies are exempt from audit obligations. Specifically, a company must be audited if it meets any of the following conditions throughout its financial year:

1. The total sales and total assets of the company and its affiliated groups are greater than S$10 million;

2. The total sales of the company and its affiliated groups are greater than S$10 million and the number of employees is greater than 50;

3. The total assets of the company and its affiliated groups are greater than S$10 million and the number of employees is greater than 50.

In addition, if the company does not meet the definition of a small company mentioned above, that is, exceeds any of the above thresholds, it must submit an audited financial report to ACRA.

It is worth noting that even if you meet the small company standards, you may still be required to conduct an audit in certain specific circumstances, such as special requests from shareholders or creditors.

Purpose of Singapore Company Audit

The main purpose of the audit is to ensure the authenticity and fairness of the company's financial statements and help management, shareholders and other stakeholders accurately understand the company's financial situation. Audits can also enhance confidence in external investors, help loan decisions, and ensure compliance with laws and regulations.

Singapore Company Audit Fees

The audit fees for Singapore companies vary depending on a variety of factors, including but not limited to the size of the company, the complexity of the business, the volume of transactions, and the experience level of the auditor. The following is a rough price range for reference:

Small company: about SGD5,000 to SGD10,000 per year.

Medium-sized company: about SGD10,000 to SGD30,000 per year.

Large company: about SGD30,000 to SGD50,000 or more per year.

It should be noted that these fees are only estimates and the actual fees may be adjusted according to specific circumstances.

Advantages of choosing NEO

NEO relies on years of accumulated expertise and service experience to provide customers with a full range of one-stop service experience:

Professional team support: Our team is familiar with the various regulations of Singapore company audits and can effectively guide customers to complete the audit process smoothly.

Simplified process: We help customers deal with complex paperwork, reduce unnecessary troubles, and ensure a smooth audit process.

Transparent and reasonable charges: We promise to open and transparent pricing strategies to ensure that customers understand the specific details of each fee.

Continuous follow-up services: Even after the audit is completed, we also provide follow-up support services, such as annual review, account maintenance, etc., to help your company develop steadily in Singapore.

Singapore company audits are not only a legal requirement, but also one of the key measures to ensure the healthy development of enterprises. By working with NEO, you can get professional guidance and services to ensure that the audit process is both legally compliant and efficient and convenient. If you have any questions about Singapore company audits or want to know more details, please feel free to contact our professional consultant team.