Singapore Residents Company Annual Review Guide A Complete Easy-to-Follow Guide

Singapore Public Company Annual Audit Timeline A Comprehensive Guide to Help You Manage Effortlessly!

Public companies operating in Singapore must strictly comply with accounting and audit regulations to ensure the transparency and compliance of their financial information. Among these, the annual audit is one of the essential tasks that companies must complete. For many businesses, the annual audit is not only a legal obligation but also a key opportunity to assess the company's financial status and improve management efficiency. This article will provide a detailed explanation of the annual audit schedule, process highlights, and recent developments for public companies in Singapore, helping business managers plan and respond more effectively.

1. Basic Requirements for Annual Audit of Public Companies in Singapore

According to the Companies Act of Singapore, all public companies registered in Singapore must undergo an independent audit annually and submit audited financial statements to the Accounting and Corporate Regulatory Authority ACRA. This regulation aims to protect the interests of shareholders, investors, and the public, ensuring the authenticity and reliability of corporate financial data.

The Monetary Authority of Singapore MAS also imposes additional audit and reporting requirements on public companies in the financial sector, especially banks and insurance companies, whose annual audit processes may be more complex.

2. Annual Audit Schedule for Public Companies in 2025

According to ACRA's latest notice, the deadline for the annual audit of public companies is usually within six months after the end of the fiscal year. For example, if a company's fiscal year runs from January 1 to December 31, its audit report must be submitted by June 30, 2025.

However, in practice, companies should start preparing for the annual audit at least 3 to 6 months in advance to avoid delays caused by auditor scheduling or incomplete documentation. Especially for large companies or multinational groups, the audit cycle may be longer, making early planning crucial.

3. Detailed Annual Audit Process

1. Appointing an Auditor

Public companies must hire a qualified registered auditor. According to ACRA regulations, auditors must have the necessary qualifications and hold a registration certificate. When selecting an auditing firm, companies should consider its professional capabilities, industry experience, and service efficiency.

2. Preparing Financial Statements

The company needs to organize and review the financial data from the past year, including balance sheets, income statements, cash flow statements, and notes. It should also prepare supporting documents such as internal audit records, contracts, invoices, and bank statements.

3. Conducting the Audit

The auditor will independently review the company’s financial data to confirm its accuracy, compliance, and adherence to International Financial Reporting Standards IFRS or Singapore Financial Reporting Standards SFRS. This stage may involve site inspections, interviews, and data analysis.

4. Issuing the Audit Report

After the audit is completed, the auditor will issue a formal audit report and express an opinion on the financial statements, such as unqualified, qualified, adverse, or disclaimer of opinion. This report will be part of the company’s annual report and submitted to ACRA.

5. Submitting the Annual Report

The company must submit the audited financial statements and other relevant documents, such as the directors’ report and corporate governance statement, through ACRA’s e-Service platform.

4. Recent News and Policy Changes

In recent years, Singapore has continuously promoted corporate transparency reforms and strengthened requirements for financial disclosures of public companies. For example, in April 2025, MAS issued a consultation paper on enhancing the transparency of financial reporting for listed companies, proposing stricter supervision over the annual audits of financial institutions and encouraging the use of digital tools to improve audit efficiency.

ACRA is also advancing its digital transformation initiative, encouraging companies to use electronic filing systems and reduce the use of paper documents. According to data from the ACRA website, by the third quarter of 2025, more than 80% of public companies had submitted their annual audit materials through online platforms, significantly improving processing efficiency.

5. Common Questions and Recommendations

Q What are the consequences of failing to submit the annual audit report on time?

A Failure to submit on time may result in the company being listed as inactive, affecting its credit rating, and even leading to fines or forced liquidation.

Q How to choose the right auditor?

A It is recommended to consider factors such as industry reputation, client feedback, service scope, and pricing. Prioritize choosing an accounting firm with rich experience and good credibility.

Q How is the audit fee calculated?

A Audit fees are typically determined based on the company's size, business complexity, and audit scope. Larger companies or those with cross-border operations may incur higher costs.

6. Conclusion

Facing increasingly stringent regulatory environments, public companies in Singapore should attach great importance to the annual audit process, plan their timelines reasonably, and ensure timely and high-quality completion of all tasks. By planning in advance, standardizing procedures, and selecting professional teams, companies can not only meet legal requirements but also enhance their financial management capabilities, laying a solid foundation for future development.

In short, the annual audit is not only a necessary step for compliance but also a key factor in the stable development of the enterprise. We hope this article provides practical reference for managers of public companies in Singapore, helping them steadily move forward in a competitive market environment.