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Audit Requirements in Singapore

Whether your company is required to undergo a statutory audit in Singapore depends on its classification under the Companies Act and whether it meets the qualifying criteria set by ACRA. Where a company has qualified as a small company, it continues to be a small company for subsequent financial years until it is disqualified. A small company is disqualified if:

• it ceases to be a private company at any time during a financial year; or
• it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.

Where a group has qualified as a smallgroup, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediatepast two consecutive financial years.

Small Company Audit Exemption

Under Singapore's Companies Act, a private company that meets at least two of three quantitative criteria for the immediate past two consecutive financial years qualifies for the small company audit exemption and is not required to have its financial statements audited. A company qualifies as a small company if:

1. itis a private company in the financial year in question; and
2. it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:

• total annual revenue not exceeding $10m;
• total assets not exceeding $10m;
• no. of employees not more than 50;

For a company which is part of a group:

1. the company must qualify as a small company; and
2. entire group must be a “small group” to qualify to the audit exemption.

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.

Types of Audit Services in Singapore

Singapore businesses may require different types of audits depending on their industry, regulatory obligations, and operational structure. Below is an overview of the audit services we provide.

Statutory Audit

A statutory audit is a mandatory external review required under Singapore's Companies Act for companies that do not qualify for the small company audit exemption. Conducted by an independent CPA, it verifies that your financial statements are accurate, compliant, and present a true and fair view of the company's financial position.

BCA Audit

A BCA audit is required for construction companies registered under the Building and Construction Authority (BCA) in Singapore. It verifies the company's net worth and financial capacity as part of the contractor registration and renewal process.

Internal Audit

An internal audit is a voluntary review of a company's internal controls, risk management processes, and operational procedures. It is commonly conducted by larger organisations seeking to strengthen governance and identify areas for improvement before an external audit.

Gross Sales Audit

A Gross Turnover (GTO) audit is typically required by shopping mall landlords and building management in Singapore. Retail tenants must submit an independent auditor's report confirming their annual gross sales figures as part of their tenancy obligations.

Grant Audit

A grant audit verifies that funds received from government bodies or institutions have been used in accordance with approved grant conditions. This is commonly required by organisations that have received government grants, subsidies, or financial assistance in Singapore.

Group Consolidation Audit

A group consolidation audit is required for parent companies with one or more subsidiaries. It produces a consolidated set of financial statements that reflects the financial position of the entire group, in compliance with SFRS and ACRA requirements.

Lucky Draw Audit

A lucky draw audit is required for companies conducting lucky draws or contests in Singapore. An independent auditor reviews and certifies the conduct of the draw to ensure it meets regulatory and fairness requirements.

Not sure which audit applies to your business? Contact our team for a free assessment.