Audit & Assurance

Audit & Assurance

Currently, a company is exempted from having its accounts audited if it is an exempt private company with annual revenue of $5 million or less. It has been replaced by a new small company concept which will determine exemption from statutory audit. A company no longer needs to be an exempt private company to be exempted from audit. The audit exemption is applicable for financial years beginning on or after the change in the law (1 Jul 2015).

A company qualifies as a small company if:

  1. It is 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 of ≤ $10m
    • Total assets ≤ $10m
    • A number of employees ≤ 50

For a company which is part of a group, the company must qualify as a small company, and the entire group must be a small group to qualify for the audit exemption.

Please refer to ACRA website here for more details

Our Audit Service

We adopt audit procedures o understand our clients, designed our audit plan to provide reasonable assurance whether the company account is properly kept, and the financial statement is free from material misstatement.

We add value in providing advice to company credibility to the overall financial position and performance.

The following are the audit services we provide:

  • Audit Investigation
  • Audit planning and management
  • Internal Audit, risk control & management
  • Acquisition Due diligent
  • Review of Financial Statements
  • Gross turnover audit
  • GST audit
  • Special purpose audit

Industries we specialised in:

  • Financial Advisers Firm/Financial Advisers
  • Motor Trade industries
  • Construction industries’
  • General Trading and hardware industries
  • Food industries
  • Graphic designing industries
  • Security Industries
  • IT Industries
  • Manufacturer
  • Transportation industries
  • Retails such as fashion, optical, beauty industries
  • Property and investments industries
  • Public Relation communication firm

Gross turnover audit:

We provide Gross turn over audit services to the landlord to comply with the monthly rental agreement:
Documentation required:

  • Monthly sales reports to the landlord
  • Internal monthly sales turnover worksheet
  • Lease agreement with the landlord
  • Monthly bank statement
  • Monthly payment receipt

Special purpose audit:

Special purpose audits are for specific users. It includes:

  • A complete set of financial statements prepared with another comprehensive basis of accounting and elements, or items of a financial statement.
  • Compliance with contractual agreements required by specific users
  • Summation of financial statements