Industry-Specific Auditing: Finding a Firm Aligned with Your Sector

The accuracy and reliability of an audit are fundamentally linked to the auditor’s understanding of the specific industry in which a business operates. This is where the concept of industry-specific auditing gains paramount importance. It’s not merely about fulfilling a statutory requirement; it’s about ensuring that the audit comprehensively addresses the unique challenges and regulatory landscapes of a particular sector. The selection of an auditing firm in Singapore that possesses not only general financial acumen but also a deep-rooted understanding…

How to Prepare for a GTO Audit

The Gross Turnover Audit (GTO Audit) is a special-purpose audit, mandated for businesses as per their lease agreements, and verifies the licensee’s gross sales turnover. It involves scrutinising the gross sales turnover of a retail business, which forms a component of the rental agreement with the landlord. It ensures that the statements provided to property management present a true and fair view of the monthly gross sales turnover.  Pre-Audit Checklist Gather Key Documents Preparation for a GTO audit requires organising…

Outsourcing Accounting Services in Singapore: Pros and Cons

Outsourcing accounting services in Singapore has become an increasingly popular strategy for businesses looking to optimise operations and focus on core activities. This approach involves delegating accounting tasks to external specialists, providing businesses with expertise and efficiency gains. While this approach brings several benefits, it also comes with its own set of challenges. This article looks at both sides, exploring the pros and cons of outsourcing accounting services in Singapore, and aims to provide businesses with the information needed to…

The Role of a Company Secretary in Singapore

In the corporate sector, the role of a company secretary in Singapore is indispensable. This position, mandated by Singaporean law for every registered company, serves as the linchpin for ensuring legal compliance, facilitating effective corporate governance, and maintaining clear channels of communication within the business. They must be appointed by the company board within six months of company incorporation in Singapore in accordance with The Accounting and Corporate Regulatory Authority (ACRA). The appointed person must also be a local resident…

Reasons to Hire an Auditing Firm in Singapore

All companies in Singapore, by law, are required to appoint an auditor within three months of incorporation. This doesn’t apply to smaller companies or dormant companies, but all other companies require an auditor to help follow regulations and be compliant. Navigating these complexities is a challenge faced by businesses of all sizes in Singapore, and with the competitive business landscape in this country, the role of an audit firm in Singapore can be incredibly beneficial. After all, auditing firms offer…

3 Simple Ways To Save On Paying Corporate Taxes

It is well known that Singapore is one of the best countries in the world for entrepreneurs to set up their businesses. The nation’s political stability, highly educated population, and relatively low-interest at 17% flat-rate for profits exceeding S$300K. This is a huge draw for investors. On top of this, the Singaporean government has also offered several ways for businesses to cut down on their corporate tax. Here’s a useful list to find out how you lower the level of…

Getting GST Ready by 2023 – 3 Key Steps You Must Take to Avoid Unexpected Expenses

The new GST hike will kick in by January 2023 – and it is vital that your business is prepared to handle this change. Failure to comply or delaying your preparation might result in devastating financial losses that could have easily been avoided. IRAS, for example, may fine businesses up to $10,000 and a penalty of 10% of the tax due for businesses that are late or failed to register for GST. It’s essential therefore to understand the key steps…

4 ways to take the pain out of compiling year-end Financial Statements in Singapore

December is around the corner and it’s time to focus on your year-end closing. Your accountants will, no doubt, be hard at work to collate key information with your stakeholders and have an overall review of your company’s cash flow, budget, and performance. These are stressful times, but luckily, there are ways to avoid that. Here are 4 ways you can take the pain out of compiling your year-end financial statements in Singapore. 1. Have a robust review of the…

Benefits of Adoption of Charities Accounting Standard (CAS)

Charities Accounting Standard (CAS) was introduced by the Singapore Accounting Standards Council on 24 June 2011 tailored to simplify the compliance for small charities, societies and companies limited by guarantee. It is straightforward and minimises financial information disclosures that are relevant to your organisation while increases transparency and accountability in financial reporting to the donating public and other stakeholders. By and large, the adoption of CAS will be mostly ‘one-off’ changes to your accounting systems and implementation of CAS would have…