The main legislation regulating audits in Singapore is the Audit Act. However, depending on the field where the audit is performed, there are also other legal frameworks establishing how, when and by whom an audit should be conducted. Special attention is given to Singapore companies which are required to abide by the Company Act when it comes to audit requirements. The Accountants Act is the law establishing how to become an auditor in Singapore. All audited accounts and other relevant documents must be submitted with the Singapore Accounting and Corporate Regulatory Authority.
The Singapore Commercial Law establishes that all companies must appoint an auditor within three months from company incorporation. The companies’ Profit and Loss Account and balance sheet must be audited on an annual basis. Singapore limited liability companies are also required to submit an Estimate Chargeable Income which will be included in the documentation submitted with the Inland Revenue Authority.
However, not all companies are required to have their accounts audited. In 2014 the Company Act was amended with a clause which establishes that small companies in Singapore will be exempt from having their accounts audited. Small companies exempt from audits must fulfill the following conditions:
You can obtain additional information about audit requirements for companies with our specialists in company formation in Singapore.
Singapore companies are required to file their annual returns with the Accounting and Corporate Regulatory Authority within a month after the shareholders’ annual meeting. Newly incorporated companies are required to file their first annual return within 18 months from registration. In the case of new companies, the audited accounts must not be older than 6 months.
For detailed information about running an audit and the taxation system you can contact our consultans in company registration in Singapore. You can also rely on us for personalized accounting services.