If your organisation is a registered charity or Institution of a Public Character (IPC) in Singapore, whether you need a full statutory audit or a lighter independent examination depends on your income/expenditure and your structure. Ackenting Group (AG) provides ACRA-registered charity and IPC audits, with fixed-fee quotes and enough lead time to hit your Charity Portal filing deadline.

What Is a Charity Audit?

A charity audit is an independent verification of a charity’s financial statements, checked against the Charities Act, Singapore Financial Reporting Standards, and the Recommended Accounting Practice for charities (RAP 6). It gives your governing board, donors, and the Commissioner of Charities assurance that funds were received, held, and spent in line with your charitable objects and any donor or grant conditions.

Does My Charity Need an Audit or an Independent Examination?

Singapore doesn’t require every charity to be fully audited — the requirement scales with your income/expenditure and structure. Based on the gross income or total expenditure of the charity in any of the last 3 financial years, whichever is highest:

  • IPCs and charities that are companies limited by guarantee (CLG): must always be audited by a public accountant, regardless of size.
  • $250,000 or less: accounts can be examined by an independent examiner (a suitably experienced person, or an ISCA member/eligible-for-membership individual), or audited by a public accountant.
  • Between $250,000 and $500,000: accounts can be examined by an independent examiner who is an ISCA member (or eligible for ISCA membership), or audited by a public accountant.
  • Above $500,000: the accounts must be audited by a public accountant — an independent examination is no longer sufficient.

If you’re unsure which tier applies, or whether your IPC/CLG status overrides the income-based tiers, we can confirm this on a short scoping call before quoting.

Additional Requirements for Large Charities

A charity or IPC is classified as “large” if its gross annual receipts have been at least S$10 million in each of the last 2 financial years. Large charities face additional governance requirements, including mandatory auditor rotation: the audit firm or individual auditor must be changed at least once every 5 years, with the Commissioner of Charities’ (or your Sector Administrator’s) approval. We can advise on how this affects your engagement if your charity is approaching or already past this threshold.

When Must My Charity Submit Its Annual Report?

Charities and IPCs must submit their annual report — including the audited or independently examined financial statements — via the Charity Portal within 6 months of their financial year end. Missing this deadline can affect your standing with the Commissioner of Charities and, for IPCs, your tax-deduction receipt privileges, so the audit or examination needs to be scheduled well ahead of the cut-off.

Documents You’ll Need to Prepare

To keep your charity audit on schedule, have the following ready before your audit start date:

  • Financial statements and general ledger
  • Bank statements and reconciliation reports
  • Donation records and tax-deductible receipts issued (for IPCs)
  • Grant and restricted-fund utilisation records
  • Governing board minutes relevant to financial decisions
  • Prior year’s audit or independent examination report

Our Charity Audit Process

  1. Scoping call. We confirm your charity/IPC status, income tier, and any Sector Administrator requirements that apply to you.
  2. Document collection and readiness review. You provide financial records and supporting documentation; we flag gaps before fieldwork begins.
  3. Testing and compliance check. We test your financial statements against the Charities Act, FRS, and RAP 6 requirements for your income tier.
  4. Reporting. We prepare the audited or independently examined financial statements in Charity Portal-ready format.
  5. Filing support. We work to your 6-month annual report deadline so submission is never a last-minute scramble.

How Much Does a Charity Audit Cost in Singapore?

Charity audit fees depend on your income tier, fund structure, and how many grants or donor-restricted funds need separate tracking. Because of that variation, we quote after a short scoping call rather than listing a flat starting price — but the quote itself is fixed and agreed before fieldwork begins, with no hourly billing.

If your charity also receives government grants requiring a separate grant audit, or needs a statutory audit for a related entity, we can scope both together under one engagement.

Why Choose Ackenting Group for Your Charity Audit

  • ACRA-registered, ISCA-certified auditors experienced with charity and IPC engagements, not just standard corporate audits.
  • Fixed, upfront quotes. You know the fee before fieldwork starts, with no hourly surprises on a filing that’s already time-sensitive.
  • Charity Portal-ready reporting. We prepare your financial statements in the format your annual report submission needs.
  • One team for every compliance need. Beyond charity audits, our full range of audit services covers statutory, grant, and group audits, so charities with multiple funding sources aren’t coordinating several firms.

Frequently Asked Questions

Does every charity in Singapore need to be audited?
No. The requirement scales with your income/expenditure. Charities with gross income or expenditure of $500,000 or less may qualify for a lighter independent examination instead of a full audit, unless they’re an IPC or a company limited by guarantee, in which case an audit is always required.

What’s the difference between an audit and an independent examination?
An audit is a more extensive, formal examination performed by a public accountant. An independent examination is a lighter-touch review that smaller charities (income/expenditure of $500,000 or less) may use instead, performed by a suitably qualified independent person.

What happens if my charity is an IPC or a company limited by guarantee?
IPCs and companies limited by guarantee must always have their financial statements audited by a public accountant, regardless of their income or expenditure level.

What additional rules apply to large charities?
Charities or IPCs with gross annual receipts of at least S$10 million in each of the last 2 financial years are classified as large charities and must, among other requirements, rotate their auditor at least once every 5 years with the Commissioner of Charities’ or Sector Administrator’s approval.

When must my charity submit its annual report?
Within 6 months of your financial year end, via the Charity Portal, including your audited or independently examined financial statements.

Can AG handle my charity’s audit alongside our grant compliance needs?
Yes. Many charities engage AG for their annual charity audit alongside grant audits for government or institutional funding, so one team handles every compliance requirement for the year.

Ready to get your charity’s audit or independent examination sorted before your Charity Portal deadline? Get a fixed-fee quote from AG’s audit team.