Accounting Services

2020-06-12

Prepare Financial Statements

Prepare Financial Statements Each set of accounts is usually unique and non-repeatable. Financial statements are usually prepared by trained accountants who understand the requirements for each set of accounts. A person with no accounting training may be incapable of coming up with a proper set of financial statements. Thus, our advice is to hire the right person – a professional accountant – to ensure that the preparation of the financial statements can be completed with minimal trouble. In order to prepare a set of financial statements effectively, you need the following information on hand: The general ledger and management account […]
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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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2020-08-15
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CPF Account

CPF Account The Central Provident Fund (CPF) is a comprehensive social security system that enables working Singapore citizens and permanent residents to set aside funds for their retirement. It also covers healthcare, home ownership, family protection and asset enhancement. The Central Provident Fund (CPF) is a compulsory social security savings scheme funded by contributions from employers and employees. The CPF is an important pillar of Singapore’s social security system to meet our retirement, housing and medical needs. The Government also helps supplement the CPF savings of low-wage workers through schemes such as Workfare, and provides medical savings for senior citizens. […]
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2020-08-15
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Who Needs to Contribute to CPF

Who Needs to Contribute to CPF The Central Provident Fund (CPF) is a comprehensive social security scheme that requires Singaporeans and Singapore Permanent Residents (SPRs) working in Singapore to make regular monthly contributions to the CPF. Employees who require CPF contributions You must pay CPF contributions for your employees who are Singapore citizens or Singapore permanent residents (SPRs). An employee is any person who is employed in Singapore. This includes any Singaporean seaman who is employed under a contract of service or other agreement entered into in Singapore. The following employees are also eligible for CPF contributions: Company directors. Part-time or casual […]
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2020-08-15
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Income Subject to CPF

Income Subject to CPF If an employee earns more than $50 per month, his/her employer must make monthly contributions to the employee’s provident fund. If an employee earns more than $500 per month, his/her employer is entitled to recover the employee’s share from the employee’s salary. CPF contributions are payable for Singapore citizens (SC) and Singapore permanent residents (SPR) who are: Working in Singapore under a service contract; and Employed under a permanent, part-time or temporary basis. However, the CPF contribution is not compulsory if the employee is a Singapore citizen or permanent resident working overseas. The following incomes are […]
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2020-08-15
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CPF Components

CPF Components CPF contributions for Singapore citizens and Singapore Permanent Resident (SPR) employees are paid at the prevailing CPF contribution rates. For adults under 55 years of age, 20% of the employee’s salary + an additional 17% of the employee’s salary paid by the employer is paid as CPF. https://www.cpf.gov.sg/ 本文内容由新加坡福智霖集团发布 未经许可不得抄袭，翻版必究
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2020-08-15
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CPF Submission

CPF Submission Employers are strongly encouraged to use CPF e-Submit@web to e-submit CPF contribution details and make payment via Direct Debit. What is CPF e-Submit@Web Free web-based application developed by CPF Board CPF contribution details are submitted electronically via the CPF website Payment is deducted electronically via Direct Debit or eNETS Login is authenticated via SingPass/CorpPass   Why should I use CPF e-Submit@web? Auto-computation of CPF contributions provides breakdown of the employer’s and employee’s share computation is auto-updated when an employee changes age group or year of Singapore Permanent Resident status Auto-computation of Skills Development Levy (SDL) amounts E-submit anytime, anywhere No need to […]
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2020-08-15
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Pay CPF

Pay CPF Payments for CPF contributions can be made using any one of the modes listed below. Please note that CPF contribution details must be submitted together with payments for CPF contributions. “Pay Employees’ CPF Contributions as an Employer using Direct Debit Authorisation” (Form DDA (BIZ)) (PDF, 1.1MB) (More than 100,000 employers are using Direct Debit to pay CPF today!) Standing Instructions eNETS Cheques Cheques should be crossed and made payable to ‘CPF Board’. The reverse side of each cheque must bear the CPF Submission Number (CSN). All cheque payments should be accompanied by the relevant payment forms and sent to: […]
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