Statutory Audit Services

Our statutory audit services comprise:

  • Annual audits on financial statements including income statements, balance sheets, cash flow statements, and accompanying disclosures.

  • Audits for entities registered or licensed by the Monetary Authority of Singapore (“MAS”) to review compliance with applicable MAS Regulations.

Financial Statements Audits

Annual statutory audits are required for:

Singapore Private Companies

Except when they meet audit exemption requirements set out in Sections 205B, 205C and the Thirteenth Schedule of the Companies Act 1967.

Singapore Registered Branches of Foreign Companies

Except when they are dormant during the financial year, or have successfully applied for and obtained from the Accounting and Corporate Regulatory Authority of Singapore a waiver from the need to have its financial statements audited for the relevant financial year by satisfying the conditions stipulated in subsection 12 of Section 373 of the Companies Act 1967.

Charities which are not Institutions of a Public Character or Companies

If their gross income or expenditure exceeds S$500,000 in a financial year under the Fourth Schedule of the Charities (Accounts and Annual Report) Regulations 2011.

Annual financial statements need to comply with:

For Singapore private companies and Singapore registered branches of foreign companies

  • Singapore Financial Reporting Standards

  • Companies Act 1967 and other relevant regulations

For Charities

  • Charities Accounting Standards

  • Charities Act 1994

  • Charities (Accounts and Annual Report) Regulations 2011 and other relevant regulations

Compliance Audits

For entities registered or licensed by the MAS such as fund management companies and payment service providers.

Includes review of compliance with applicable MAS Regulations that include any or some of the following: -

  • Securities and Futures Act 2001

  • Payment Services Act 2019

  • Anti-Money Laundering and Countering the Financing of Terrorism Regulations

  • Business Continuity Management Guidelines

  • Outsourcing Guidelines

  • Technology Risk Management Guidelines