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Singapore Auditing Services

auditing-services

Auditing is all about inspecting and examining internal aspects of an organization to ensure the authenticity and reasonability. Singapore companies are legally required to file its audited financial report at the end of the year to IRAS, unless the company is exempted from audit requirements. Nonetheless, exempt companies can also have their audited report in order to figure out financial condition of their business. Plus, it helps them in applying financial loan and grant. A professionally maintained and timely delivered accounts is crucial for making the right and strategic business decisions to achieve higher profits and attract investors.

SINGAPORE TAXATION offers both statutory and internal auditing and assurance services for SMEs and large entities in Singapore. The methodologies of SINGAPORE TAXATION are unique and based on Big 4 audits. The team of skilled and knowledgeable auditors aspires to meet the exact requirements of our valuable patrons. Our services are client centric, reliable and versatile in approach and deliver in accordance with the generally accepted auditing standards.

Statutory Audits

  • Statutory audit is a type of audit in which it is mandatory to check business accounts as per statute or law.
  • It is conducted to review and assess truth and fairness of company’s financial report.
  • We prepare compliant audit report as per the provision of Financial Reporting Standard.
  • Advises, guidance and consulting services to enhance the performances of the businesses

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Non-Statutory Audits

  • A non-statutory audit is a verification and review of an organization’s financial report that is not required by either the law or a regulatory authority.
  • Non-statutory audit is solely meant for sole traders, small companies, limited and unlimited liability partnerships, associations, clubs, charitable trusts, and MCSTs.
  • It is done only to identify the financial positions and conditions of the businesses.

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Department and Business Review

  • Evaluate & examine the risk factors to develop a stronger internal control.
  • Analyze administrative function in terms of control, management, compliance needs and integrity of financial information.
  • Assist in preparing business and department review reports.

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Rental or Lease Audit

  • Rental or lease audit is contract compliance engagements thereby the goal is to ensure that all rennet and lease charges comply with the lease or rent agreement.
  • Help the clients determine whether their lease/rent related expenses have been fairly charged in accordance with their statutory lease/rent provisions.
  • Analyze the lease/rent, landlord accounting records

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Financial Audit

  • A financial audit is a review or assessment of the business’ financial statements.
  • Analyze the financial statements of the clients’ business to ensure that all information presented in it is authentic and comply with the Singapore Accounting Standards.
  • Risk and control assessment of client’s business and prepare audit report
  • Use risk-based methodology to address organizational risks and management controls.

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Operational Audit

  • Operational s done to evaluate functional operation’s system of internal controls
  • Advice on control weaknesses and potential areas for improvement to ensure efficiency and effectiveness of operations
  • Guidance on how to use resources efficiently, reduce overheads and wastages.

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Information Systems Audits

  • Information systems audit is an assessment of internal system of business organization to verify its integrity, security and control.
  • Our Information system auditors identify, evaluate and recommend solutions to mitigate system vulnerabilities and leverage operational efficiencies
  • Help the companies or organizations to protect information systems, ensure compliance with statutory requirements and provides insights to leverage information system to reduce overheads.

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Integrated Audits

  • Integrated auditing is a combination of operational audit, department review, and Information System audit.
  • Examine the effectiveness of every aspect of internal control of business organizations.
  • Analyze to identify if any material weaknesses and errors exist in the business and its internal control over financial reporting.

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Investigative Audits

  • Investigative Audit takes place because of any unusual suspicious activity on the part of any individual or department of an organization.
  • Focus on the specific areas to detect and find misdeed, forgeries and launderings.
  • Advices and assistance for preventing suspicious activities
  • Prepare expert report based on facts finding of the investigation.

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Follow-up Audits

  • Follow-up audit is conducted approximately six months after issuing an internal or external audit report.
  • It is done to evaluate corrective action presented in audit report
  • Ensure that the financial reports are prepared in compliance to the regulatory needs.

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