Award-winning Auditing Firms in Singapore

Auditing Firm Singapore

Our Audit Services Features

Make audit solutions practical
Meet your audit deadline
Match your audit fee
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Our Audit Services

How would you like to be able to have a transparent view of your business’s inner operations?

AG is among the best mid-tier audit firm in Singapore that specialises in serving mid-tier audit firms and SMEs.

You are able to obtain a completely new insight into your business’s finance when you hire our award-winning auditing services.

With our experienced audit advice and unbiased analysis, you will be able to understand your business’s financial records clearly, allowing you to uncover potential fraud, identify financial abnormalities, and genuinely come face to face with the intricacies of your business in order to make sound decisions for your business.

AG can help you find out the truth about the financial operations of your business. Among our auditing services are:

Statutory audit
BCA audit
Sales audit
Grant audit
Internal audit

Lucky draw audit
MCST audit
Charities audit
Group consolidation audit
Branch Amalgamation audit

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Why should you hire our audit firm in Singapore?

01.

30 Days KPI

We make sure to deliver on time and fulfil any specific audit deadline your business has. We pride ourselves on completing our audit time period in less than 30 days.

02.

Close to 100% Satisfaction Rate

We have a high customer satisfaction rate of 96.5 per cent with over hundreds of audit clients.

03.

Solutions That Work

We provide innovative and realistic audit solutions to help enhance your corporate governance and financial statement quality.

04.

Served By Experts

Every audit campaign will be managed by AG’s senior and managerial auditors only. As a result, you will not have to deal with junior auditors who might not have the necessary experience.

05.

Quick Response Time

We have set in place a stringent quality control policy that ensures our staff respond to your audit inquiry within 24 hours.

06.

All-in-one Solution

AG offers one of the best and extensive range of corporate advisory services, including audit services in Singapore. Providing a full set of services of AG ensures that you can get streamlined corporate procedures, saving you time and money.

AG aims to partner with your business to deliver competitive solutions to your specific needs. By employing an effective approach, we are able to ensure your business meets the appropriate legal needs while fostering the credibility of your business’s financial statement.

Our audit services are tailored to individual business requirements and are based on our extensive expertise and knowledge. This allows us to provide your business with a complete picture of your financial operation. We examine organisational and operational structures to ensure compliance with applicable standard criteria and to identify any potential room for improvement in certain areas. By doing so, your business can better examine the efficiency and efficacy of your current operations and adjust accordingly.

AG makes it a point to provide excellent service and make every effort to understand our customer’s particular business needs so that we can foster a better partnership in handling and resolving any audit issues. It is especially crucial to have quality audit service in order to keep up with the ever-evolving corporate environment. With AG, we want to assure you that our experienced audit partners can assist you in achieving that stability. Contact us today so that we can come up with a solution that is specific to your business needs.

93% of clients picked our audit services in Singapore because we met their audit deadlines.

” Completed audit smoothly earlier than the targeted deadline by 1 month.”

” Completed and finalised audit in a timely and professional manners as usual .”

Pricing

	Starting from
Statutory audit (active company)	S$3,000
Sales audit	S$800
Other special audit	Varies (ask for a quote)

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Our Audit Services Process

We communicate, meet up and discuss to understand your business.
We customise our audit checklist based on your business as we do not believe one-for-all solution.
We emphasize meeting your audit deadline.
We analyse your business, find out weaknesses and suggest solutions.

01
You will meet with our team of senior auditors and audit managers
for knowing more about your business model.
02
Create a customised audit checklist based on your business
so that we can discuss about, and understand your business
03
We will run through the checklist with you
so that you are well-prepared for satisfying audit requirements in advance. We pride ourself in meeting your audit deadlines 50% faster than the industry-standard.
04
We will analyze your business, find out weaknesses and suggest solutions
In general, we can finalize your audits in 2-4 weeks, compared to the usual 4-8 weeks.
05
Reduce cost, process & time.
Audit time schedule will also be constantly reviewed and approved by audit partners. To ensure that your audits are finalized promptly before your deadlines.

Our Audit Competency

KPI of completing an audit within 30 days.
Having completed over 1,500+ audit engagements.
Member of IR Global, which is the world's leading professional services network with over 1,000 member firms over 155+ jurisdictions.
Recognised as one of Singapore’s Most Trusted Tax Service Providers by APAC Business Headlines Magazine.

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How AG Prevents Audit Delay

Interim Audit

For audit assignments with a tight deadline, AG will perform an interim audit, normally 2-3 months before the financial year-end. This is to minimise the work and time required to conclude the final audit after the financial year.

Checklist

To facilitate a smooth audit process, an audit requirement checklist will be tailor-made according to the client’s business model. We will run through the checklist with our clients so that they can prepare themselves for satisfying audit requirements in advance.

Proactive Audit Approach

AG employs risk-based audit methodology suggested by Singapore Standards of Auditing. In the audit planning stage, we will perform data crunching to identify key risk areas. So audit testing will be performed to mitigate the audit risk. This enables us to focus our audit on risky areas and significantly reduces time, process and cost.

Progress Monitoring

All audit engagements will be assigned at least a senior auditor and supervised by our audit managers to monitor audit progress and quality. Audit partners will robustly review and approve the audit time schedule to ensure our prompt service delivery.

Successful Case Study

Successful Case Study 1

Client A is a subsidiary (“ABC”) of a foreign-listed company, with approximate US$30mil in revenue per annum. Holding company requires ABC to submit its auditor report by end of February every year. However, the auditor of ABC failed to meet the deadline and finalised the audit around end of March. This seriously delayed the group reporting process and dividend repatriation by ABC to its holding company.

Solution

AG performed interim audit and prepared an audit checklist to better cooperate and communicate with Client A’s accounting team.

Result

We managed to finalise our audit in early February, 3 weeks before deadline.

Successful Case Study 2

Client B (“BCD”) is a construction company with project revenue of more than S$10mil. Audit of BCD was qualified every year by its previous auditor due to improper project budgeting and cost allocation.

Solution

AG helped to revamp its business model by creating a cost centre, where BCD will outsource all projects to it.

Result

Client B’s tax payable has reduced and its auditor report has improved from qualified opinion to clean report.

Meet Your Audit Deadline With Practical Solutions.

FAQ

How long does it take for you to complete an audit?

It depends on the complexity and volume of your business. Normally, our KPI is to complete an audit within 1 month.

What are the audit exemption criteria?

For the financial year beginning on or after 1 July 2015, a company qualifies as a small company and is exempted from audit if it meets at least 2 out of 3 following quantitative criteria:

Total annual revenue is not more than S$ 10mil;
Total assets are not more than S$ 10mil;
Number of employees is not more than 50.

For a company that is part of a group, to qualify for audit exemption:

The company must qualify as a small company; AND
The group must be a small group.

A group qualifies as a small group if it meets 2 out of 3 quantitative criteria stated above on a consolidated basis.

What if my company is dormant but is part of a group that does not qualify as a small group? Will it still be subjected to an audit?

If the company is dormant, it is exempted from an audit.

Can my company prepare its financial statement based on IFRS?

SFRS is similar to IFRS. Preparing financial statements based on IFRS is acceptable in Singapore.

What is the implication if my company changes its reporting period from 12 months to 18 months?

There is no implication from an audit perspective. However, the financial figures from the prior year will no longer be comparable. From a tax perspective, the corporate tax will be computed based on 2 Years of Assessment.

When does my company need to appoint an auditor?

As per the Companies Acts, you are required to appoint an auditor within 3 months of your company’s incorporation date.

What accounting standards do my company have to adhere to?

Companies incorporated in Singapore must adhere to the accounting standards set by the Companies Acts and Singapore Financial Reporting Standards (SFRS). Auditors appointed by the company will audit its accounts based on the Singapore Standards of Audit. However, depending on the nature of your business’s accounts, your company may not need to adhere to every regulation. If you have any doubts on the matter, it is best to seek the advice of a reliable audit firm.

Why does my company require an audit?

Companies that meet the audit criteria are mandated by law to undergo an annual audit. However, small businesses that are exempted often choose to undergo an audit process despite having no obligation to do so. This is because an independent audit is essential to good corporate governance and ensures an effective internal financial control function.

Furthermore, an audit adds credence to the information presented to the company’s shareholders. It provides reassurance to the relevant stakeholders and enables them to make sound business decisions to ensure the company remains profitable and competitive.

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Audit Services: A Comprehensive Guide to Understanding Their Importance

In today’s complex and dynamic business environment, it’s essential to ensure your financial records are accurate and up-to-date. One way to achieve this is by employing audit services. Auditing is the process of examining financial records, statements, and operations of an organization to ensure that they comply with laws and regulations, and to detect any discrepancies. In this article, we’ll dive deep into what audit services are, their importance, and how they work.

Table of Contents

1. Introduction
2. What are audit services?
3. Types of audit services
4. Importance of audit services
5. Benefits of audit services
6. How do audit services work?
7. Audit process steps
8. Best practices for preparing for an audit
9. Choosing the right audit service provider
10. Common mistakes to avoid during an audit
11. The future of audit services
12. Conclusion
13. FAQs

1. Introduction

In today’s competitive business landscape, it’s vital to have transparent financial records that show the true state of your organization’s financial health. Audit services play a critical role in providing assurance to stakeholders that your financial statements closely reflect the financial position of your organization. In this article, we’ll explore what audit services are, their importance, how they work, and best practices for preparing for an audit.

2. What are audit services?

Audit services refer to the process of evaluating financial statements, accounting records, and other documents to determine whether they comply with established accounting principles and legal regulations. The primary goal of an audit is to provide assurance to stakeholders that the financial statements are free from material misstatements.

3. Types of audit services

There are different types of audit services, including financial statement audits, internal audits, and forensic audits. Financial statement audits focus on the accuracy of financial statements and whether they fairly present the financial position of the organization. Internal audits are conducted by the organization’s internal audit department to evaluate the effectiveness of internal controls, risk management, and governance processes. Forensic audits, on the other hand, are designed to investigate financial fraud, misconduct, or other illegal activities.

4. Importance of audit services

Audit services play a vital role in ensuring the accuracy and integrity of financial statements. They provide assurance to stakeholders that the financial statements are reliable and that the organization is operating within legal and regulatory requirements. Additionally, audit services help identify areas where the organization can improve its financial reporting and internal control processes, reducing the risk of financial fraud and other misconduct.

5. Benefits of audit services

Some of the benefits of audit services include:

Enhanced financial reporting accuracy and reliability
Improved transparency and accountability
Increased investor confidence
Reduced risk of financial fraud and other misconduct
Identification of areas for process improvement

6. How do audit services work?

Audit services typically involve several steps, including planning, fieldwork, and reporting. During the planning phase, the auditor identifies areas of financial reporting that require special attention, evaluates the organization’s internal controls, and develops an audit plan. In the fieldwork phase, the auditor gathers evidence to test the accuracy and completeness of financial statements and other documents. Finally, in the reporting phase, the auditor communicates the results of the audit to the organization’s management and stakeholders.

7. Audit process steps

The audit process typically includes the following steps:
1. Planning and scoping
2. Risk assessment
3.Testing of controls
4. Substantive procedures
5. Conclusion and reporting

8. Best practices for preparing for an audit

To prepare for an audit, organizations can take several steps, including:

Maintain accurate and up-to-date financial records
Establish and maintain effective internal controls
Respond to auditor requests in a timely and complete manner
Appoint an audit liaison to facilitate communication between the organization and auditor
Prepare for potential issues that may arise during the audit

9. Choosing the right audit service provider

When selecting an audit service provider, it’s essential to consider several factors, including the provider’s experience, reputation, and industry expertise. Additionally, it’s important to ensure that the provider’s audit approach aligns with the organization’s needs and goals.

10. Common mistakes to avoid during an audit

Some common mistakes that organizations make during an audit include:

Providing incomplete or inaccurate information to the auditor
Establish and maintain effective internal controls
Failing to prepare adequately for the audit
Resisting auditor requests or failing to cooperate with the auditor

11. The future of audit services

As technology continues to evolve, the audit profession is also changing. Auditors are increasingly relying on data analytics and artificial intelligence to perform audits more efficiently and effectively. Additionally, auditors are taking a more proactive approach to identifying potential areas of risk and helping organizations improve their internal controls and financial reporting processes.

12. Conclusion

Audit services play a crucial role in ensuring the accuracy and reliability of financial statements, providing assurance to stakeholders, and identifying areas for process improvement. By understanding what audit services are, their importance, and how they work, organizations can prepare for an audit more effectively and ensure that their financial statements accurately reflect their financial position.

13. FAQs

What is the purpose of an audit?

An audit’s purpose is to provide assurance to stakeholders that an organization’s financial statements are reliable and that the organization is operating within legal and regulatory requirements.

Who can perform an audit?

Audits are typically performed by independent third-party audit firms.

What are the different types of audits?

There are several types of audits, including financial statement audits, internal audits, and forensic audits.

What are the benefits of audit services?

Audit services can improve financial reporting accuracy and reliability, increase transparency and accountability, and reduce the risk of financial fraud and other misconduct.
How can organizations prepare for an audit?

To prepare for an audit, organizations can take several steps, including:

Maintaining accurate and up-to-date financial records
Establishing and maintaining effective internal controls
Responding to auditor requests in a timely and complete manner
Appointing an audit liaison to facilitate communication between the organization and auditor
Preparing for potential issues that may arise during the audit

What are the benefits of hiring an external auditor?

Hiring an external auditor can provide several benefits to organizations, including:
Independent and objective assessment of the organization’s financial reporting and internal controls
Assurance to stakeholders that the financial statements are reliable and that the organization is operating within legal and regulatory requirements
Identification of areas for process improvement and increased efficiency
Increased credibility and trust with stakeholders, including investors and lenders

How do auditors ensure their independence and objectivity?

Auditors ensure their independence and objectivity by adhering to strict ethical and professional standards, including the International Standards on Auditing (ISA). Additionally, audit firms may rotate their audit teams or engage in other practices to minimize the risk of familiarity or bias.

What are some of the future trends in audit services?

As technology continues to evolve, auditors are increasingly relying on data analytics and artificial intelligence to perform audits more efficiently and effectively. Additionally, auditors are taking a more proactive approach to identifying potential areas of risk and helping organizations improve their internal controls and financial reporting processes.

How long does an audit typically take?

The length of an audit can vary depending on the size and complexity of the organization and the scope of the audit. Financial statement audits typically take several weeks to several months to complete.

What are some common mistakes to avoid during an audit?

Some common mistakes that organizations make during an audit include:
Providing incomplete or inaccurate information to the auditor
Failing to prepare adequately for the audit
Resisting auditor requests or failing to cooperate with the auditor
Failing to address auditor findings or recommendations

In conclusion, audit services play a vital role in ensuring the accuracy and reliability of financial statements, providing assurance to stakeholders, and identifying areas for process improvement. By understanding what audit services are, their importance, and how they work, organizations can prepare for an audit more effectively and ensure that their financial statements accurately reflect their financial position.