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Singapore Auditing FAQs
Singapore Auditing FAQs
Are all companies required to file audited annual account of their business with ACRA?
No, it is not mandatory for all companies in Singapore to file audited account with ACRA. Exempt Private Companies (EPCs) and Dormant Companies are free of filing audited account. However, EPCs should compile their financial statement for submission as per the Singapore Financial Reporting Standards.
Do I need to appoint an auditor for my company?
If your company is not exempted from audit requirements, you must appoint an auditor within 3 months from the date of incorporation as per Section 205 of the Singapore Companies Act (Cap. 50).
What are the main types of auditing?
Internal audit and external are the two basic types of audit. While law or statute requires external audit, internal audit is not subject to any law. Internal audit is performed to enhance the internal efficiency of an organization.
