Child Care/Infant-Care Subsidies / Kindergarten Fee Assistance Scheme (KiFAS) / Student Care Subsidies Audit
As mandated by Early Childhood Development Agency (ECDA), all child care centers which administer the Child Care Subsidy / Kindergarten Fee Assistance Scheme (KiFAS) / Student Care schemes are required to appoint a qualified auditor to perform agreed-upon procedures on the subsidies and grants received from the Government for each financial year. The revised ECDA guidelines are applicable for financial years ending on or after 1 October 2017. Our auditors are experienced in this aspect as we have been rendering our Child Care Subsidy Audit Services to child care centers since 2010.
Provision of Service Required
As an independent auditor, our scope of work is to certify the following based on the standardised procedures listed in the Guidelines on Certification by External Auditor on amount of subsidies claimed, whereby the auditor’s statement has to be submitted to ECDA within 3 (three) months after the end of each financial year.
The checks are conducted in accordance with the Singapore Standard on Related Services SSRS 4400 Engagements to Perform Agreed-upon Procedures Regarding Financial Information to establish whether:
- All subsidy claims were made in respect of Singapore Citizen children.
- All subsidy claims were substantiated with the corresponding application forms and supporting documents.
- All subsidies disbursed correspond with the working status of the applicant.
- All children who enroll or withdraw during the period of check have been properly recorded.
List of Subsidies and Financial Assistance Schemes which require audit
All residents of Singapore are eligible to get the basic subsidy; whereas families, where mothers are working at least 56 hours per month and are earning below $7,500 per annum, are entitled to an additional subsidy.
Similarly, additional subsidies are also available to families with a large number of dependents. The subsidies for families having more than 5 members are calculated based on their per capita income (PCI).
KiFAS is currently being managed by the ECDA. During 2015 budget, changes had been made to the KiFAS, resulting in its fee being more affordable to children from low and middle-income families. KiFAS has also been extended to families with a gross household income of up to $6,000, allowing them to receive more support up to $160 dollars a month.
Initially, the subsidy was provided to one out of three children of the family. It has now been extended to one in two children of the family. Below are some other features of KiFAS:
- It is available to all children who are Singapore citizens, even if their parents are non-Singaporean.
- For families with 5 or more members, KiFAS for the dependents is computed based on Per Capita Income (PCI).
- Parents earning a gross income of $2,500 or below are eligible to get 99% of monthly kindergarten fee or $170 per month, whichever is higher.
- In case of any change in financial situation or circumstances, a new application for KiFAS needs to be submitted.
- After every two years, parents’ income is re-verified and KiFAS computation is re-assessed.
Similar to child-care subsidies, if both husband and wife are working for at least 56 hours but earning less than $4,000, they are eligible to get student-care subsidies for their children who are between 7 to 14 years old.
Still Not Sure?
Simply fill up the online enquiry form below or give us a quick call at +65 6533 7393; to receive a non-obligatory consultation by our specialist.