How Much Does a Company Audit in Singapore Cost? Here’s What You Need to Know

Lately, a hot topic among entrepreneurs incorporating companies in Singapore has been just how expensive is audit work anyway? Why do some small businesses pay just a few thousand dollars for their audits, while others end up paying over ten thousand - even when they’re similar in size? On the surface, it seems straightforward, but there’s actually a lot more to it.

With the Accounting and Corporate Regulatory Authority ACRA tightening compliance requirements and a series of new financial transparency rules rolling out since 2025 for SMEs, more and more business owners are realizing that hiring a reliable accounting firm isn’t just a box-ticking exercise. It's a crucial part of running a healthy, future-ready company.

Take one recent case A local tech startup, operating for three years, failed to submit its annual audit report on time and was placed on ACRA’s watchlist. Although they managed to clear the issue by submitting late documents, the damage was done - client trust dropped sharply, and their next funding round got delayed. When news spread through the startup community, many finally understood auditing isn't optional. It's standard practice for any serious business.

So what exactly determines audit costs in Singapore? Let’s break it down.

First up company size and operational complexity. This is the biggest factor. A consultancy earning under S$500,000 annually with fewer than 10 employees usually has clean books and minimal transactions. The audit workload is light, so fees typically range from S$3,000 to S$6,000. But if your business involves cross-border trade, multi-currency settlements, inventory management, or multiple subsidiaries, things get complicated fast. Sorting through accounting flows alone can take days - auditors might need to review hundreds of documents and trace international cash movements. In such cases, spending over S$10,000 isn’t unusual.

Second, the credentials and experience of the accounting firm matter. Singapore’s market includes global giants like the Big Four - PwC, Deloitte, EY, and KPMG - as well as numerous local mid-sized and boutique firms. The Big Four charge premium rates, often starting at S$20,000-30,000, which makes sense for large groups or companies preparing for IPOs. Local firms, meanwhile, tend to offer more personalized service and flexible pricing that better suits smaller businesses.

But here’s a word of caution don’t go purely for the cheapest option. Some low-cost providers lure clients with promises like “guaranteed approval,” only to deliver cookie-cutter reports. If regulators later flag issues during inspections, the business owner bears the consequences - penalties, reputational harm, or even legal trouble.

On a positive note, digital tools have started making audits more efficient and affordable. Many firms now use automation systems - AI-driven anomaly detection, auto-generated reports, cloud-based collaboration platforms - all helping reduce manual labor and improve transparency. For example, KPMG Singapore launched an “intelligent audit package” in 2025 tailored for SMEs. By streamlining workflows via the cloud, they’ve cut traditional prices by about 15-20%, attracting plenty of young founders.

Another thing often overlooked auditing isn’t just about checking numbers. As compliance advisors often say, a good audit is essentially a full financial health check-up. Are internal controls properly set up? Is invoice tracking systematic? Are tax provisions accurate? These may seem minor day-to-day details, but neglect them, and you’ll face headaches during audit season.

One seasoned CPA in Singapore, with over a decade of audit experience, once told me “I’ve seen too many companies relying solely on messy Excel sheets. Come audit time, they realize half their source documents are missing. Then they scramble to reconstruct records - which ends up costing far more in both time and money.”

Industry type also plays a role. Restaurants, for instance, deal with high volumes of cash transactions, requiring extra verification to confirm revenue accuracy. Real estate or construction projects involve long timelines and complex cost allocations, so auditors must carefully match project progress with revenue recognition. All this adds to the effort - and naturally reflects in the final quote.

So how should business owners choose the right audit partner? Here are three practical tips

1. Know your needs - Don’t blindly chase low prices or assume bigger names mean better value.

2. Clarify the scope upfront - Make sure you understand exactly what’s included. Does the fee cover follow-up consultations or tax advisory services?

3. Check references - Look into the firm’s track record, especially with clients in your industry. Sometimes paying a few hundred extra for someone who truly understands your business can save you endless stress later.

One last point Under ACRA rules, eligible small private companies can be exempt from audit requirements - provided they meet at least two of these three criteria annual revenue under S$100 million, total assets under S$50 million, and fewer than 50 employees. However, exemption doesn’t mean “no accounting.” Even if you don’t need a full audit, you’re still required to maintain complete financial records and file a Financial Statement Information Sheet FSIS. Failure to do so could result in fines or other penalties.

At the end of the day, auditing isn’t a burden - it’s a safety belt for your business journey. Spending wisely on professional oversight shows responsibility to investors and respect for your own hard-earned progress. Especially in today’s climate of economic uncertainty and stricter regulations, clean books and compliant operations aren’t just nice-to-haves. They’re the foundation of sustainable growth.