Audit
Compliance, Control and Risk Management are three key factors in conducting an audit - yet its results far exceed that. A strong, strategic audit sets the base for business decision making. By examining operational issues and opportunities, companies may derive insight into how they may better manage risk, identify potential performance areas to improve on, and more.
Ingwer Consulting works with our independent Audit arm, specialising in helping our clients enhance reliability and clarity of their financial information prepared, and deal with governance for their added flexibility.
Statutory Audit
By legal requirement of the Singapore government, statutory audit is a review of the accuracy of a company or governing body’s financial records. In other words, the purpose of such a review is to determine whether an organisation is providing a fair and accurate representation of its financial position by examining its statements such as bank balances, book keeping records and financial transactions.
A company is required to perform a statutory audit when:
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Its turnover surpasses S$5 million, or
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Its number of shareholders exceeds 20 individuals, or
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It has a corporate shareholder
With effect from 1 July 2015, the audit requirements have been revised as The “Small Company” Concept. This is applicable to the financial years beginning on or after 1 July 2015.
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It is a private company
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It meets at least 2 of 3 criteria below:
1. Total annual revenue is not more than S$10 million;
2. Total asset is not more than S$10 million;
3. Number of employees is not more than 50. -
Going forward, they are required to assess every past 2 financial years consecutively on whether they have met the 2 of 3 criteria mentioned.
Special Audit
Beyond statutory compliance, there may exist some unique circumstances such as auditing applications for government grants or an audit requirement stated by a building landlord. In such cases, a client may request a special audit to be conducted.
