2018-01-03
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Audit Exemption

Audit Exemption The following companies are exempted from financial statement audits if they meet the specific requirements of the Singapore Companies Act. However, they are still required to prepare financial statements (and consolidated financial statements, if applicable) that comply with the Companies Act and IFRS. In order to reduce the institutional burden on small companies and to move towards a risk-based regime, the concept of small companies and their exemption from audit requirements were introduced in amendments to the Companies Act. The new audit exemption regime applies to Singapore companies incorporated after 1 July 2015 or with a financial year […]
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2018-03-07
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Audit Process

Audit Process An audit is a formal examination of the financial accounts of an individual, business or organization. Internal audits are conducted by members of the same organization or enterprise, while external audits may be conducted by regulatory or governmental bodies. Appointment of Auditors For Singapore companies that meet the audit requirements, the directors of the company must appoint the auditors within three months of the company’s incorporation. The term of office of the auditor is from the date of his appointment to the conclusion of the next annual general meeting of the company. Therefore, when an auditor is first […]
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2020-08-15
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Audit Requirement

Audit Requirement What is an audit? The term audit usually refers to the audit of financial statements. A financial audit is an objective examination and assessment of an organization’s financial statements to ensure that the financial records fairly and accurately reflect the transactions they purport to represent. The audit may be performed internally by employees of the organization or by an outside firm of certified public accountants. There are three main types of audits. External Audits, Internal Audits, and Tax Audits. An external audit is usually performed by a certified public accounting (CPA) firm and produces the auditor’s opinion, which […]
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2020-08-15
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Audit Services

Audit Services by FOZL Assurance PAC FOZL Assurance PAC Will provide your business with: External audit, internal audit, and non-statutory audit (special audit) services such as: External audit services: Statutory and international standard audits Review of the accounting system and internal controls Financial due diligence Internal audit services: Assist companies in developing and implementing a “risk-based audit model” Assistance with risk assessment, evaluation and testing Recommendations for the establishment of a sound system of internal controls Provide additional professional resources to the company’s internal audit department Liaison with external auditors on annual statutory audits/audit procedures In addition to statutory audits, […]
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