{"id":7614,"date":"2024-02-26T02:20:30","date_gmt":"2024-02-26T02:20:30","guid":{"rendered":"http:\/\/mindfox.co\/?page_id=7614"},"modified":"2024-03-21T05:15:16","modified_gmt":"2024-03-21T05:15:16","slug":"statutory-audits","status":"publish","type":"page","link":"https:\/\/lowyap.com.sg\/index.php\/statutory-audits\/","title":{"rendered":"Statutory Audits"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||-71px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;1_2,1_2&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/lowyap.com.sg\/wp-content\/uploads\/2024\/02\/getty-images-cga-IRV220M-unsplash.jpg&#8221; title_text=&#8221;getty-images-cga-IRV220M-unsplash&#8221; disabled_on=&#8221;off|off|on&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h1 style=\"text-align: left;\"><span style=\"font-size: 32px; line-height: 40px;\">Statutory Audit Services<\/span><\/h1>\n<p><span style=\"font-size: xx-large;\"><\/span><\/p>\n<p><span style=\"font-size: xx-large;\"><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 18px; line-height: 27px; text-align: left;\"><span style=\"font-family: inherit; font-weight: normal;\">Our statutory audit services comprise: <\/span><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-size: 18px; line-height: 27px; text-align: left;\"><span style=\"font-family: inherit; font-weight: normal;\">Annual audits on financial statements including income statements, balance sheets, cash flow statements, and accompanying disclosures.<\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px; text-align: left;\"><span style=\"font-family: inherit; font-weight: normal;\"><\/span><\/span><\/p>\n<p><span style=\"font-size: 18px; line-height: 27px; text-align: left;\"><span style=\"font-family: inherit; font-weight: normal;\"><\/span><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-size: 18px; line-height: 27px; text-align: left;\"><span style=\"text-align: left;\"><span style=\"font-family: inherit; font-weight: normal;\">Audits for entities registered or licensed by the Monetary Authority of Singapore (&#8220;MAS&#8221;) to review compliance with applicable MAS Regulations.<\/span><\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/lowyap.com.sg\/wp-content\/uploads\/2024\/02\/getty-images-cga-IRV220M-unsplash.jpg&#8221; title_text=&#8221;getty-images-cga-IRV220M-unsplash&#8221; disabled_on=&#8221;on|on|off&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;34px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; min_height=&#8221;111.3px&#8221; custom_padding=&#8221;||5px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; inline_fonts=&#8221;lyon&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-family: lyon; font-size: 32px; line-height: 40px\">Financial Statements Audits<\/span><strong><span style=\"font-family: lyon; font-size: xx-large;\"><br \/>\n<\/span><\/strong><\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||-1px|||&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-family: lyon; font-weight: normal; font-size: 24px; line-height: 27px;\">Annual statutory audits are required for:<br \/><\/span><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;2_3,1_3&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;10px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_toggle title=&#8221;Singapore Private Companies&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; title_level=&#8221;h3&#8243; title_text_align=&#8221;left&#8221; title_font_size=&#8221;24px&#8221; title_line_height=&#8221;1.23em&#8221; body_line_height=&#8221;2em&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 18px; line-height: 27px\">Except when they meet audit exemption requirements set out in Sections 205B, 205C and the Thirteenth Schedule of the Companies Act 1967.<\/span><\/p>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;Singapore Registered Branches of Foreign Companies&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; title_level=&#8221;h3&#8243; title_text_align=&#8221;left&#8221; title_font_size=&#8221;24px&#8221; title_line_height=&#8221;1.23em&#8221; body_line_height=&#8221;2em&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 18px; line-height: 27px;\">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.<br \/><\/span><\/p>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;Charities which are not Institutions of a Public Character or Companies&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; title_level=&#8221;h3&#8243; title_text_align=&#8221;left&#8221; title_font_size=&#8221;24px&#8221; title_line_height=&#8221;1.23em&#8221; body_line_height=&#8221;2em&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 18px; line-height: 27px;\">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.<\/span><\/p>\n<p>[\/et_pb_toggle][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;2_3,1_3&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;10px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||-1px|||&#8221; custom_padding=&#8221;||12px|||&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-family: lyon; font-weight: normal; font-size: 24px; line-height: 27px;\">Annual financial statements need to comply with:<br \/>\n<\/span><\/p>\n<p>[\/et_pb_text][et_pb_toggle title=&#8221;For Singapore private companies and Singapore registered branches of foreign companies&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; title_level=&#8221;h3&#8243; title_text_align=&#8221;left&#8221; title_font_size=&#8221;24px&#8221; title_line_height=&#8221;1.23em&#8221; custom_css_free_form=&#8221;#et-main-area ul {||    padding-bottom: 0;||}||||.entry-content selector li li li { ||    list-style-type: circle !important;||}||||.entry-content selector li li li li { ||    list-style-type: square !important;||}||||.entry-content selector li li li li li { ||    list-style-type: square !important;||}||||.entry-content selector ol ol li { ||    list-style-type: lower-roman !important;||}||||selector.et_pb_toggle ol li{||    padding-bottom: 15px !important;||}||selector.et_pb_toggle ol li li{||    padding-bottom: 0px !important;||}&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li><span style=\"font-size: 18px; line-height: 27px;\">Singapore Financial Reporting Standards<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 18px; line-height: 27px;\">Companies Act 1967 and other relevant regulations<\/span><\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;For Charities&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; title_level=&#8221;h3&#8243; title_text_align=&#8221;left&#8221; title_font_size=&#8221;24px&#8221; title_line_height=&#8221;1.23em&#8221; custom_css_free_form=&#8221;#et-main-area ul {||    padding-bottom: 0;||}||||.entry-content selector li li li { ||    list-style-type: circle !important;||}||||.entry-content selector li li li li { ||    list-style-type: square !important;||}||||.entry-content selector li li li li li { ||    list-style-type: square !important;||}||||.entry-content selector ol ol li { ||    list-style-type: lower-roman !important;||}||||selector.et_pb_toggle ol li{||    padding-bottom: 15px !important;||}||selector.et_pb_toggle ol li li{||    padding-bottom: 0px !important;||}&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li><span style=\"font-size: 18px; line-height: 27px;\">Charities Accounting Standards<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 18px; line-height: 27px;\">Charities Act 1994<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 18px; line-height: 27px;\">Charities (Accounts and Annual Report) Regulations 2011 and other relevant regulations<\/span><\/li>\n<\/ul>\n<p>[\/et_pb_toggle][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; min_height=&#8221;111.3px&#8221; custom_padding=&#8221;||5px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; inline_fonts=&#8221;lyon&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-family: lyon; font-size: 32px; line-height: 40px;\">Compliance Audits<\/span><strong><span style=\"font-family: lyon; font-size: xx-large;\"><br \/>\n<\/span><\/strong><\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||-1px|||&#8221; custom_padding=&#8221;||0px|||&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-family: lyon; font-weight: normal; font-size: 24px; line-height: 27px;\">For entities registered or licensed by the MAS such as fund management companies and payment service providers.<\/span><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;2_3,1_3&#8243; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_toggle title=&#8221;Includes review of compliance with applicable MAS Regulations that include any or some of the following: &#8211; &#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; title_level=&#8221;h3&#8243; title_text_align=&#8221;left&#8221; title_font_size=&#8221;24px&#8221; title_line_height=&#8221;1.23em&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li style=\"text-align: left;\"><span style=\"font-size: 18px; line-height: 27px;\">Securities and Futures Act 2001<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<ul>\n<li style=\"text-align: left;\"><span style=\"font-size: 18px; line-height: 27px;\">Payment Services Act 2019<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<ul>\n<li style=\"text-align: left;\"><span style=\"font-size: 18px; line-height: 27px;\">Anti-Money Laundering and Countering the Financing of Terrorism Regulations<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<ul>\n<li style=\"text-align: left;\"><span style=\"font-size: 18px; line-height: 27px;\">Business Continuity Management Guidelines<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<ul>\n<li style=\"text-align: left;\"><span style=\"font-size: 18px; line-height: 27px;\">Outsourcing Guidelines<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<ul>\n<li style=\"text-align: left;\"><span style=\"font-size: 18px; line-height: 27px;\">Technology Risk Management Guidelines<\/span><\/li>\n<\/ul>\n<p>[\/et_pb_toggle][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 (&#8220;MAS&#8221;) to review compliance with applicable MAS Regulations. Financial Statements Audits Annual statutory audits are required for:Except when they [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-7614","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/lowyap.com.sg\/index.php\/wp-json\/wp\/v2\/pages\/7614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lowyap.com.sg\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/lowyap.com.sg\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/lowyap.com.sg\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lowyap.com.sg\/index.php\/wp-json\/wp\/v2\/comments?post=7614"}],"version-history":[{"count":4,"href":"https:\/\/lowyap.com.sg\/index.php\/wp-json\/wp\/v2\/pages\/7614\/revisions"}],"predecessor-version":[{"id":8233,"href":"https:\/\/lowyap.com.sg\/index.php\/wp-json\/wp\/v2\/pages\/7614\/revisions\/8233"}],"wp:attachment":[{"href":"https:\/\/lowyap.com.sg\/index.php\/wp-json\/wp\/v2\/media?parent=7614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}