Exempt Of Statutory Audit
A company may be exempted from statutory audit if:
- It is an Exempt Private Company (“EPC”). EPC is a private company that has no corporate shareholder (direct or indirect), and the number of shareholders in the company is not more than 20.
- Annual revenue of EPC does not exceed S$5mil for the financial year starting on and after 1 June 2004
- Shareholders who represent 5% or more of a company ordinary shares do not request for audit
- Banks or other creditors/financial companies do not request for audit
However, EPCs are still required to prepare financial reports in a format defined by the Companies Act and the Singapore Financial Reporting Standards before holding Annual General Meeting and submit the financial reports together with form C when filing an income tax return. It is important that the financial reports be prepared by a Chartered Accountant in Singapore to ensure compliance with the statutory requirements. The fee for a compilation engagement is lower than the audit fee.
Please Contact Us to check if your company is qualified for audit exemption.
Aglow Corporate Services Pte Ltd provides accounting services, which include the compilation of unaudited financial reports. Our Chartered Accountant is a qualified accountant in Singapore who has years of experience providing accounting services ensures the unaudited financial reports prepared to comply with the statutory requirements.
Compilation Of Unaudited Financial Reports
Compilation of all the financial statements is a task of accountings services, where a report has to be prepared. Companies hire accounting firms that employ charter accountants and certified public accountant in Singapore who converts the data provided by the company into a report and their financial statements.
Compilation of unaudited financial statements of the company gives out information regarding the company’s balance sheets and profit and loss statements to report the financial standing of the company. Companies that are exempted from the audit requirements still have to prepare a set of unaudited financial statements to show their compliance with the business statutory. These compilations should include all the notes with the directors’ statements and statements of the financial position of the company to comply with the Singapore Financial Reporting Standards.
You will need the compilation of the unaudited financial statements for annual filings, tax submission and to keep a check on the company’s finances. These statements will also help you apply for banking facilities, loans, and grants from the government and comply with the regulatory standards.
A chartered accountant can assist you through the auditing processes and compilation of unaudited financial statements. They make sure that your company’s financial reports are in compliance with the business statutory and as per the law. So, you can entrust them with excellent work and accurate reporting of your financial statements.
Who Is A Chartered Accountant?
A chartered accountant is a designation and qualification granted to accounting professionals around the world. You will find chartered accountants in all the business fields, working in every sector of the economy, managing financial statements, and offering expert financial advice to the management of both the private and public sector companies.
The chartered accountants in Singapore work in all the significant fields of business and finance, including taxation, auditing, general financial management, reviewing financial statements. The Chartered Accountant of Singapore is a title and post that is protected under the act of the Singapore Accountancy Commission (SAC). SAC is the governing body that has constructed the pathway to obtain CA qualification in Singapore. At the same time, The Institute of Singapore Chartered Accountants (ISCA) is an entity designated by the SAC that grants the CA qualification on behalf of SAC in Singapore.
The chartered accountants in Singapore have to complete the entire Singapore Chartered Accountant Qualification programme to be recognised as a CA. This programme has three components: academic qualification, professional knowledge, and three years of practical experience. Based on this, SAC and ISCA accredit and promote CA qualification.
An accounting firm employs chartered accountants and certified public accountants in Singapore for outsourced finance and accounting services.
Responsibilities Of A Chartered Accountant In Singapore
Chartered accountants are responsible for various duties and tasks in the business and financial fields. They work as auditors who check a company’s financial statements to ensure they are accurate and as per the law. Their responsibility is to file and pay taxes for their employers or clients.
Moreover, a qualified accountant in Singapore will give financial advice to the clients, audit their accounts, and provide accurate details about the financial records. They are also involved in taxation, auditing, accounting, corporate finance, financial reporting, and managing accounting processes and systems.
Further, chartered accountants do cost analysis and budget analysis for a company. They perform the job of auditing both the private and public sector organisations and have a great understanding of legal policies and financial statements. Also, they keep an eye on daily transactions and financial systems, produce reports, and deal with any irregularities in the accounts and finance.
Why Should You Outsource To An Accounting Firm?
Compliance With The Regulations And Business Statutory
New businesses or start-ups are not well-versed in the standards and rules set up by the regulatory body in Singapore. They have a hard time keeping track and knowledge of all the changes and modifications in business compliance regulations. An accounting firm has deep industry knowledge as well as information regarding all statutory requirements for businesses. They know about the alterations in standards and implement them wherever needed. These firms ensure that their clients remain in the good books of the financial regulatory authorities and agents.
Cost-Effective And Economical
If you decide to hire a competent chartered accountant in Singapore, it will cost you more money than outsourcing the accounting and auditing work. You will need a proper accounting department with the entire staff in your office space, for which you will have to develop infrastructure and go through the rigorous process of hiring staff. Both the processes will be quite costly; also, the salaries of a professional accountant would be high. In contrast, if you delegate the task to an outsourced accounting firm, expert and skilled accountants will handle your work at reduced rates.
Professional And Qualified Accountant In Singapore
An accounting firm employs professional and qualified chartered accountants and certified public accountants in Singapore. They have years of experience and industry knowledge to compile unaudited files and work on financial matters. Their qualifications are accredited by the relevant bodies in Singapore, such as CA, ACCA, and CPA. You can trust these firms with quick work without compromising the quality.
Fast And Easy Process
An accounting firm has the experience and skills to carry out all the business operations smoothly. You can trust them with the fast and quick processing of your tasks. They have made procedures and implemented methods that can help in performing tasks efficiently. They have the required staff of professionals who handle the accounting details and auditing the financial statements effectively, making their clients’ lives easy.
Choose Aglow Corporate Services
Aglow Corporate Services Pte Ltd offers services for the compilation of unaudited financial reports. We employ the best and qualified accountants in Singapore. Our chartered accountants have years of experience, knowledge, and skills for auditing as well as compiling unaudited financial reports. Many companies are liable to an exemption from auditing, and we can help you find out if your company is one of those organisations. Also, the fee for the compilation of unaudited financial reports is less than the entire auditing process. So, contact us now to check out your company’s status and engage in the compilation.