Singapore is one of the world’s leading business hubs, known for its strong regulatory framework, transparent policies, and ease of doing business. However, with this comes the need for companies to maintain strict compliance with local accounting and financial reporting standards. That’s where hiring a professional audit firm in Singapore becomes essential.
In this blog, we’ll explore the role of audit firms, the types of audit services they offer, why audits are important, and how to choose the best audit firm for your business in Singapore.
What Is an Audit Firm?
An audit firm in Singapore is a licensed service provider that conducts financial and compliance audits for companies. These firms ensure your financial statements are accurate, complete, and in line with Singapore Financial Reporting Standards (SFRS). They also help identify weaknesses in your internal controls, assess risks, and improve financial transparency.
Audit firms can be public accounting firms or independent licensed auditors, and they must be registered with the Accounting and Corporate Regulatory Authority (ACRA).
Why Are Audit Services Important?
In Singapore, not every company is required to be audited. However, audits are mandatory for companies that do not qualify as small companies under the Companies Act.
To be exempted from an audit, a company must meet at least two of the following three criteria:
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Total annual revenue ≤ S$10 million
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Total assets ≤ S$10 million
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Number of employees ≤ 50
If your company exceeds these limits, you must engage an audit firm in Singapore annually. Even if your company is exempt, you may still consider audits for greater financial transparency, investor confidence, and improved internal controls.
Types of Audit Services in Singapore
Most audit firms in Singapore offer a wide range of audit-related services, including:
1. Statutory Audit
Required by law for companies that exceed the small company criteria. This audit ensures financial statements comply with ACRA and IRAS regulations.
2. Internal Audit
An internal review of your operations and internal controls to assess risk management and compliance with internal policies.
3. Special Purpose Audit
Conducted for specific needs such as grant applications, IPO preparation, due diligence, or compliance with industry-specific regulations.
4. Forensic Audit
Investigative audits used in cases of suspected fraud or legal disputes.
5. Compliance Audit
Focuses on ensuring that your company is adhering to laws, regulations, and internal guidelines.
Benefits of Hiring a Professional Audit Firm in Singapore
Hiring an experienced audit firm comes with several advantages:
✅ Compliance Assurance
Audit firms help ensure that your company complies with ACRA and IRAS requirements, avoiding fines and legal issues.
✅ Financial Accuracy
They review your financial statements for errors, inconsistencies, or misstatements—giving you accurate reports for decision-making.
✅ Enhanced Credibility
Audited financial statements improve trust and transparency with investors, lenders, and partners.
✅ Risk Management
Internal audits identify weaknesses in your systems and processes, allowing you to fix issues before they become serious.
✅ Support for Growth
Whether you’re applying for funding, entering a partnership, or going public, audited reports are essential.
How to Choose the Right Audit Firm in Singapore
Here are some tips for selecting a trustworthy and experienced audit firm:
1. Check ACRA Registration
Make sure the firm is licensed and registered with ACRA and has a good compliance record.
2. Industry Experience
Choose a firm that understands your industry’s financial and regulatory challenges.
3. Reputation and Reviews
Look for client testimonials and online reviews to assess reliability and professionalism.
4. Size of the Firm
Larger firms may offer comprehensive services, while smaller boutique firms often provide personalized attention. Choose based on your needs.
5. Technology and Tools
Firms that use modern auditing software and digital platforms are typically more efficient and accurate.
6. Responsive Support
Timely communication and support are critical during the audit process. Make sure the firm offers clear timelines and point-of-contact personnel.
Who Needs an Audit Firm?
You may need an audit firm in Singapore if you are:
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A private limited company exceeding small company thresholds
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A non-profit organisation or charity receiving donations
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A listed company or preparing for an IPO
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A foreign-owned entity required to report financials
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A business involved in a merger, acquisition, or funding round
Final Thoughts
Hiring a reliable audit firm in Singapore is an essential step in managing your company’s financial health and compliance. Whether you are legally required to audit your accounts or simply want greater transparency and accountability, audit services add real value to your business operations.
From statutory audits to internal assessments, the right audit partner will not only help you stay compliant but also support your growth by providing valuable insights into your financial performance. Choose wisely, and your audit firm can become a trusted advisor on your journey to business success.
Keywords used: audit firm in Singapore, Singapore audit firm, statutory audit Singapore, financial audit Singapore, internal audit services, audit exemption Singapore
