Audited Financial Statement
Providing your financial records assurance and credibility
Financial statement audits are conducted to provide assurance and credibility on your company’s financial records and transactions. Singapore’s legal system makes it obligatory for all companies to have their financial statements (FS) audited by a public accountant annually. Companies exempt from this requirement are those that qualify as either a “small group” or a “small company”.
Penalties will be issued by ACRA for non-compliance. These penalties include fines, summons and even being charged in court.
Other than FS audits being a mandate, there are also benefits. FS audits encourages transparency and ensures stakeholders and potential investors that your company is reliable. Moreover, your business processes will be improved with the controls and measures implemented due to FS audits.