Is an audit mandatory for all companies in Singapore?

No, an audit is not mandatory for all companies in Singapore. Under the Singapore Companies Act, an annual statutory audit is required only for companies that do not qualify for the small company audit exemption.

A company is exempted from audit if it is a small company, provided it meets at least 2 of the 3 following requirements:

• Total annual revenue ≤ SGD 10 million
• Total assets ≤ SGD 10 million
• Number of employees ≤ 50

Those companies which do not satisfy these requirements have to conduct a full statutory audit each financial year, as do some regulated bodies like banks and publicly traded companies.

In any business where compliance is mandatory and reporting is required for smooth audit preparation, professional assistance becomes the need of the hour. For this purpose, Auditing Services in Singapore are helpful to companies for maintaining transparency and sound financial credibility.

With appropriate guidance and knowledge, One IBC Singapore is capable of ensuring your business is fully compliant with reporting requirements for audits in Singapore.