Documents Required for Singapore Company Audit Key Files You Must Prepare!

Auditing Your Company in Singapore Essential Documentation You Need to Prepare

Operating a company in Singapore, whether as a local entity or a foreign subsidiary, requires adherence to mandatory financial audit requirements. Under the Singapore Companies Act, all qualifying companies must undergo an annual audit of their financial statements by an independent auditor to ensure transparency and compliance with regulatory standards.

With increasing scrutiny from the Monetary Authority of Singapore MAS and the Accounting and Corporate Regulatory Authority ACRA, especially regarding financial disclosures, companies are now expected to provide more rigorous documentation during audits. So, what key documents should you prepare? Below are five essential categories that cannot be overlooked

1. Complete and Accurate Financial Records

The foundation of any audit lies in accurately reflecting the company’s financial condition. Therefore, maintaining comprehensive and systematic financial records is crucial. These include

General Ledger A record of all income, expenses, assets, liabilities, and other account movements.

Bank Statements and Cash Flow Statements Used to verify that actual cash flows align with book entries.

Accounts Receivable and Payable Ledgers Help auditors assess credit policies and debt management practices.

Fixed Asset Register Contains information on acquisitions, depreciation, and disposals, ensuring asset values are accurate and up-to-date.

All these data points should be consistent and reconcilable with the final financial statements. Discrepancies or missing records may raise red flags and potentially affect the auditor’s opinion.

2. Contracts and Transactional Supporting Documents

To verify the authenticity of transactions, auditors often perform random checks on large or unusual transactions. Therefore, it is essential to provide relevant contracts and original documents such as

Sales Contracts and Invoices Confirming revenue sources and timing.

Purchase Orders and Payment Vouchers Verifying the occurrence and payment status of costs and expenses.

Employee Compensation Records Including payroll registers and social security contribution receipts to confirm labor cost accuracy.

Lease Agreements and Other Key Contracts Such as office rentals or equipment financing agreements.

According to ACRA’s 2025 annual report, many companies were required to re-submit audit reports due to insufficient transactional evidence, with some even facing penalties or being placed under enhanced monitoring. Maintaining proper document archiving is critical for daily operations.

3. Tax Filing Documents

While auditing and tax filing are separate processes, they are closely interconnected. Auditors often refer to tax filings to ensure financial reporting aligns with tax regulations. Required tax-related materials include

Corporate Income Tax Return Form C-S/C

Goods and Services Tax GST Filing Records

Withholding Tax Filings

Transfer Pricing Documentation

For companies engaged in cross-border transactions, transfer pricing has become increasingly important. As part of the OECD's global minimum tax initiative, Singapore-being a major international business hub-has intensified its review of tax compliance for cross-border activities. Failure to maintain proper tax documentation may lead to further investigations.

4. Board Meeting Minutes and Corporate Governance Documents

An audit isn’t just about numbers-it also evaluates a company’s governance structure and internal controls. Auditors will typically review

Board Meeting Minutes To understand major decisions and their financial implications.

Company Constitution and Shareholder Agreements To confirm corporate structure and equity distribution.

Internal Audit Reports and Risk Management Policies Reflecting the effectiveness of internal control mechanisms.

Executive Compensation Plans To detect potential conflicts of interest or improper conduct.

In the post-pandemic era, remote work and digital transformation have introduced new challenges to corporate governance. ACRA’s 2025 industry guidance emphasized that including governance documents in audit preparation is becoming a growing trend.

5. Other Supporting Files

Depending on your business nature, additional supporting documents may be necessary

Inventory Count Records Especially for manufacturing or retail companies, physical inventory counts and variance analysis should be provided.

RD Expense Breakdowns If claiming tax incentives or subsidies, appropriate documentation must be available.

Third-party Valuation Reports Such as intangible asset valuations or goodwill impairment tests.

If your company has received external investments or is currently seeking financing, it is also important to prepare related intercompany accounts and agreements.

Conclusion

An audit is not merely a legal obligation-it is also an opportunity to enhance financial management and build trust with stakeholders. When preparing for an audit, ensure all documentation is complete, accurate, and timely. It is advisable for companies to plan ahead, establish robust financial and document management systems, and maintain open communication with professional accounting firms to ensure a smooth and successful audit process.