Singapore Audit Services

Fulfilling each and every of our client’s requirements, we carry out our statutory audits with utmost  efficiency.

Statutory and Regulatory Audit

What is Statutory and Regulatory Audit?

As the name suggests, statutory audit is mandated by the government. Under Section 205C(1) of the Companies Act, Chapter 50, unless a company fulfils the criterion conditions stipulated in the Act to be a “small company”, if not, a Singapore incorporated company must conduct a statutory audit and submit the report to the relevant authority (namely ACRA, IRAS, Professional Engineers Board etc.).

This audit is a compulsory inspection of all the financial records of the company to make sure that they are maintained properly. The aim of the statutory audit is to ensure that the company is representing a true and fair view of its financial position of the company as at the reporting date and the financial performance of the company for that reporting period.

This is done by examining the various records maintained by the company. It includes the bank’s statements, bookkeeping records and the transactions done in the particular period for which auditing is done.  This legally required inspection of books is done to ensure that the company is running as per the laws of that country and the constitution of the company. It will also check whether the finances of the company are being used in the way that it is supposed to be used.  It is necessary to know whether the investors’ funds have been used for the betterment of the company and the subsequent benefit of the shareholders. Most public companies are subject to statutory auditing.

Benefits of Statutory Audits

  • The main purpose of a statutory audit is to satisfy the government and abide by the law.
  • Apart from this, a statutory audit improves trust in the company. The public and other interested entities can rest assured that the financial statements and reports of the company are correct and can be trusted.
  • It is also an activity that ensures that the company is following the non-statutory requirements like corporate governance requirements.
  • For companies with poor internal controls, a statutory audit will push the company to adopt better methods for the efficient functioning of the company.

We follow closely the financial reporting standards evolution, and we provide a full set of services on all the standards and most importantly we adapt our audit and adivsory approach based on our clients’ real financial situations.

Special Audits

(i) Gross Turnover audit (“GTO”)

What is GTO audit?

A Gross Turnover Audit (GTO Audit) is a special purpose audit of a Licensee’s schedule of gross sales turnover, in relation to all licensable activities under the Lease Agreement to operate Business granted by the Licensor in Singapore. The audit is mandatory for all retailers and commercial real estate agents operating in large shopping areas. The schedule of gross sales turnover is required to meet the requirements of the Licensor in relation to the determination of the annual license fee of the Licensee.

There is a general provision in the tenancy agreement entered between the landlord and the tenant whereby the tenant is required to submit the auditor-certified monthly sales report for the lease of premises within the stipulated period from the tenant’s financial year end, or if the landlord so requires.

Benefits of Gross Turnover Audit (GTO Audit)

There are a number of benefits in conducting an GTO Audit:

  • It provides assurance and compliance with lease agreement.
  • The landlord gets reasonable assurance that the gross sales amount mentioned in financial statement is accurate and complete.
  • A proper audit of gross revenue can minimize revenue leakage and hence, improve the profitability of the tenant by identifying any unrecorded revenue

(ii) Grant Audits

In today’s regulated grant funding market, challenges exist for both funders and grant recipients in respect to accuracy of costs, reliability of grant audit systems, compliance with terms and conditions of grant awards and overall grant governance
Does your organization award grant funding or are you receivers of grant funding?  We provide a range of grant audit services to grant recipients in research and development, higher education, health, transport and other sectors.

(iii) Assisted Self-help Kit (ASK) Review

What is ASK?
ASK is a comprehensive self-assessment compliance package that aids businesses to review the correctness of their GST submissions and discover past GST errors early so as to qualify for IRAS’ Voluntary Disclosure Programme.

Purpose of ASK
ASK helps businesses, especially those who have just registered for GST or are filing GST for the first time, to self-assess their GST submissions and to discover past GST errors early.

When is ASK required?
ASK is compulsory when you are applying for the following GST Schemes:

ASK is compulsory when you are renewing the following GST Schemes:

Benefits of ASK Review

Why Us?

One-stop & Hassle Free

With our wide range of professional services, we are able to provide our clients with one-stop and hassle free solutions to serve all their companies’ needs.


Our Group & Associates have a team of professionals who are Public Accountants, Chartered Accountants, Tax Practitioners, Liquidators, Lawyers, Consultants and Valuers who are ready to serve you.


We have an experienced team with many years in the accounting, auditing, tax and consulting industry.


With our huge number of satisfied customers, we can assure you of our reliable services which you will not get elsewhere. You are able to reach to the Managers or Directors in-charge of your portfolio anytime despite that our staff handling your work are very reliable too.