Singapore Statutory Audit
Preparation for audit
We stay up-to-date on all the regulatory and legislative developments so you don’t waste time and energy trying to make sense out of all the accounting complexities.
Preparing for an audit can be daunting, we take the hassle away by preparing your financials for audit, so the process can be painless.
For a company with its financial year beginning on or after 1 July 2015, the Company must qualify as a small company for the immediate past two consecutive financial years.
A company qualifies as a small company if
it is a private company in the financial year in question; and
it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
total annual revenue is not more than $10m;
total assets is not more than $10m;
no. of employees is not more than 50.
For a company which is part of a group, to qualify to the audit exemption:
the company must qualify as a small company; and
the entire group must be a “small group”
For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.
If your company is subject to annual audit requirement, we work with an external audit partner in order to maintain independence and objectivity of the work performed. The fee listed here is our external audit partner’s estimated audit fee for a company with low number of transactions for the year. Daisy will refer an auditor to perform the audit, but will not be able to influence the pricing of the independent auditor and Company is free to engage an auditor of their preference other that the referred one.