🇸🇬 Company audit in Singapore

Lawyer, Family Office

Concept

Singapore companies are required to maintain financial statements under theSingapore Financial Reporting Standards (SFRS)and file them annually with theAccounting and Corporate Regulatory Authority (ACRA). Not all companies require an audit — a"small company exemption"applies: a company is exempt from audit if it meets at least 2 out of 3 criteria for the two most recent financial years.

Financial statements are prepared in any case: even if a company is exempt from audit, it must prepare and file with ACRA a set of mandatory financial documents.

When audit is required

Audit is mandatory iffor the two most recent financial years the company meets two out of three criteria:

• Total revenue exceedingS$10 million
• Total assets exceedingS$10 million
• Number of employees exceeding50 persons

Audit is also mandatory for:

• Public companies (even if below thresholds)
• Subsidiaries of public corporations
• Financial companies regulated by MAS

If all three criteria are below the threshold — the company prepares onlyunaudited financial statementsfor filing with ACRA.

Documents for the auditor

• General ledger and transaction journals for the financial year
• Bank statements for all company accounts
• All invoices — issued and received
• Contracts with key counterparties
• Register of directors and shareholders (if changed)
• Prior year audit report or unaudited statements

Cost

Timeframes

• Unaudited statements —2–3 weeksafter closing of the financial year.
• Full audit —4–8 weeksdepending on volume and complexity.
• The financial year in Singapore is determined by the company itself upon registration — usually coincides with the calendar year.

What needs to be done alongside reporting

Financial statements are only part of annual compliance in Singapore. In parallel, the company must:

• FileAnnual Returnwith ACRA with updated structural information
• FileEstimated Chargeable Income (ECI)with IRAS within 3 months of the end of the financial year
• FileCorporate Income Tax Return (Form C/C-S)with IRAS by 30 November
• HoldAnnual General Meetingwithin 6 months of the end of the financial year

We perform all these procedures as part of annual maintenance of Singapore companies.

Related services

• 🇸🇬 Company in Singapore— incorporation and maintenance
• 🇸🇬 Singapore — residence permit for top management— if you want local residency
• 🇭🇰 Company audit in Hong Kong— for comparison