Types of Audit Services in Singapore

The World Bank’s annual ‘ease of doing business rankings have consistently placed Singapore at the top. The city-state has a well-deserved reputation as a business-friendly environment, with various business options to meet the requirements of aspiring company owners and the enterprise ecosystem as a whole.

How to define “audit services”?

The term “audit services” refers to the professional services provided by the Corporation’s external auditor in connection with the audit and review of the Corporation’s financial statements or other services typically provided by the external auditor in connection with statutory and regulatory filings or engagements;

Types of Audit Services:

There are four types of audit services in Singapore:

1.      Internal Auditing:

Internal audits provide great self-improvement opportunities, but the team may lack compliance-auditing experience. Employees and stakeholders do internal audits to analyze the company’s finances or processes. In these audits, an internal team evaluates the company’s internal procedures, policies, norms, rules, and laws to determine whether it complies with requirements.

2.      External Audits:

External auditing offers an independent study of an organization’s vulnerabilities, irregularities, best practices, recommendations, and comments to management to increase business standards. Independent, third-party auditing organizations and firms perform this auditing. They are trained to evaluate the organization based on numerous characteristics and help the company meet Singapore’s regulatory rules.

3.      Strategic, Operational, IT Audit:

These audits analyze a company’s strategic, operational, and IT assets. These audits have been widespread in recent years since they analyze a company’s processes, methods, and practices. IT audits to analyze the organization’s IT infrastructure’s readiness, security, and resilience.

4.      Financial Audit:

Financial audits are widespread in Singapore enterprises that submit yearly audit reports to ACRA. The financial audit evaluates the company’s capacity to create profits and wealth for shareholders. Investors, shareholders, and directors get financial information through financial audits.

 

Koh Lim Audit Services Singapore:

Businesses and industries rely on accurate documentation. Therefore regular audits of their financials, procedures, and statutory records are crucial. For a fee, an auditing service will do an audit employing a team of certified and experienced auditors. In accordance with Singaporean legislation, audit reports may be created at the request of the client company.

The Singapore Companies Act specifies that every firm must have its financial statements and accounting records audited annually unless exempt. Koh Lim Audit Services Singapore is noted for its innovative approach to serving SMEs and multinationals. Our staff of Accountants, Chartered Secretaries, Tax Consultants, and Portfolio Managers can handle any company size. Their end-to-end company support services include payroll, accounting outsourcing, secretarial services, audits, and taxes.