Last updated: September 2026
If you’ve started asking around for audit quotes, you’ve probably noticed something frustrating: nobody gives you a straight number. That’s not firms being difficult — it’s because there is no fixed or government-regulated audit fee in Singapore. The Institute of Singapore Chartered Accountants (ISCA) sets standards for audit quality, not audit pricing. Every fee is negotiated between you and the audit firm, based on your company’s size, complexity, and how clean your books are.
That said, “it depends” isn’t a useful answer when you’re budgeting. Here’s what audit fees typically look like in Singapore, what actually moves the number, and how to avoid overpaying.
The Short Answer
For most Singapore SMEs, a statutory audit costs somewhere between S$1,000 and S$12,000 a year. Roughly:
| Company profile | Typical audit fee (SGD) |
|---|---|
| Dormant company | S$1,000 – S$2,000 |
| Small company, simple operations | S$2,500 – S$5,000 |
| SME with revenue of S$5m–S$10m | S$5,000 – S$12,000 |
| Public company, listed entity, or complex group | S$12,000 and up, often well above S$20,000 |
Company type matters as much as size. Audit fees for private companies sit at the lower end of this range — most Singapore SMEs are private limited companies, and a straightforward private company audit falls between S$2,500 and S$12,000. Audit fees for public companies are materially higher, because listed entities carry additional reporting, internal control and regulatory requirements that add audit hours. If your company is listed, budget from S$12,000 upward.
These are market ranges, not quotes — always get a written proposal before committing. AG’s own statutory audit pricing starts at S$5,000 on a fixed-fee basis (see our audit services pricing), which sits at the lower end for a small-to-mid-sized SME with reasonably organised records.
What Actually Drives Your Audit Fee Up
Audit firms don’t pull a number out of the air. The quote is built around how much work your engagement actually requires:
Revenue and transaction volume. More transactions means more sampling and testing. A company doing S$500,000 in revenue with a handful of invoices a month is a very different job from one doing S$8 million with daily point-of-sale transactions.
Number of subsidiaries or entities. If your company has subsidiaries, branches, or needs a consolidated set of financial statements, expect a meaningfully higher fee — group consolidation and amalgamation audits require additional work to eliminate intercompany transactions and verify the group structure correctly.
Industry-specific complexity. Certain sectors carry extra audit requirements by nature — construction companies subject to BCA audit obligations, or MCST developments with sinking fund and management fund accounts to verify separately.
Inventory and fixed assets. Physical stock counts and asset verification add fieldwork hours, especially for retail, F&B, or manufacturing businesses.
How clean your bookkeeping is. This is the one within your control. If your ledgers are reconciled, receipts are organised, and your accountant can answer questions quickly, auditors spend less time chasing paperwork and more time actually auditing — which keeps the bill down. Our guide on how to prepare for an audit walks through exactly what to have ready before your auditor arrives.
Turnaround time. Rushed engagements close to a filing deadline sometimes cost more, since the firm has to reprioritise staff to meet your timeline.
How Audit Fees Are Calculated
Most firms do not pull a number out of the air. Audit fees are built bottom-up from estimated hours, then multiplied by the charge-out rate for each grade of staff who will work on your file. Understanding the audit fee calculation makes it far easier to tell a fair quote from a padded one.
Step 1 — Estimated hours by task. The engagement is broken into planning, risk assessment, fieldwork, review and reporting. Each stage gets an hour estimate based on your revenue, transaction volume, number of entities and the state of your records.
Step 2 — Staff mix and charge-out rates. Audit rates vary sharply by grade. A partner’s hourly rate is several times that of a first-year associate, so the proportion of senior time in the plan has a large effect on the total. A quote that looks cheap may simply assume junior staff will do work that later needs partner review.
Step 3 — Risk loading. Higher-risk areas attract more hours. Significant accounting estimates, related-party transactions, revenue recognition judgements, inventory and going-concern questions all add testing. This is where two firms looking at the same company can reach genuinely different numbers.
Step 4 — First-year premium. A first-year audit costs more than a recurring one. The auditor has to understand your business from scratch and verify opening balances they did not audit. Expect the first engagement to run higher, with the fee settling from year two.
Step 5 — Fixed fee or hourly. Firms then convert that build-up into either an hourly estimate or a fixed fee. An hourly estimate leaves the risk of overrun with you; a fixed fee moves it to the auditor. Worth establishing which you are being offered before you compare two numbers side by side.
If you want to sanity-check a quote, ask the firm to show you the hours and grades behind it. A firm confident in its audit pricing will tell you.
Do You Even Need a Statutory Audit?
Before you budget for an audit fee at all, it’s worth checking whether your company qualifies for exemption. A private company in Singapore is exempt from statutory audit if it meets at least two of the following three criteria for the immediate past two consecutive financial years:
- Total annual revenue of S$10 million or less
- Total assets of S$10 million or less
- 50 or fewer employees
Worth noting: ACRA announced in February 2026 that it’s reviewing the audit exemption framework as part of a broader push to reduce compliance costs for small companies. The review is still at the public consultation stage, and the current thresholds above remain in effect for now. We cover the full criteria and the latest on that review in our audit exemption guide.
One caveat worth budgeting for: qualifying for exemption does not always mean you can skip the audit. Banks and lenders frequently require audited financial statements as a condition of a loan or a facility renewal, and investors, landlords and some grant bodies ask for the same. Bank audit fees are statutory audit fees by another name — the work and the pricing are identical — but the trigger is a lender’s requirement rather than ACRA’s. If a facility agreement calls for audited accounts, the exemption is irrelevant.
How to Keep Your Audit Fee Down
A few things genuinely move the number in your favour:
- Get your books audit-ready before the engagement starts, not during it. Every hour an auditor spends reconciling your ledger instead of testing it is an hour you’re paying for.
- Consolidate your grant, sales, or GTO audit requirements with your statutory audit where possible, rather than engaging separate firms for each — most firms, including AG, offer bundled pricing.
- Ask for a fixed fee, not an hourly estimate. A fixed-fee quote protects you from scope creep and gives you budget certainty from day one.
- Avoid last-minute engagements. Firms that have to compress a 4–8 week audit into a rushed timeline may charge a premium for the disruption.
AG’s Approach: Fixed Fee, No Surprises
We built our pricing around the biggest complaint we hear from SME owners: the “billable hour” anxiety of not knowing what the final invoice will look like. AG’s statutory audit fee starts at S$5,000, quoted upfront as a fixed price — not an estimate that grows as the engagement progresses. We also run on a 30-Day Completion Protocol, so you’re not left waiting months for a report you need to file with ACRA and IRAS.
See the full breakdown on our Singapore audit services page, or get a tailored quote for your statutory audit.
Frequently Asked Questions
Is there a government-set minimum audit fee in Singapore?
No. ISCA sets standards for audit quality and conduct, but audit fees are not regulated — they’re negotiated individually between you and your chosen firm.
Why do audit quotes vary so much between firms?
Big 4 firms typically charge S$15,000 and up due to their overhead and brand premium, mid-tier firms like AG generally fall between S$5,000–S$15,000, and boutique firms may quote S$1,500–S$5,000 for very simple engagements. The right choice depends on your company’s complexity and the level of service you need, not just the lowest number.
Can I negotiate my audit fee?
Yes — since there’s no regulated rate, fees are open to discussion, especially for multi-year engagements or bundled services. What you can’t negotiate away is the actual audit work required for your company’s size and complexity.
Does a lower audit fee mean lower quality?
Not necessarily, but it’s worth asking what’s included. A very low quote sometimes signals limited scope or a firm that plans to make up the margin on out-of-scope work later. Ask for a fixed-fee, all-inclusive quote to avoid this.
How are audit fees determined in Singapore?
Audit fees are determined bottom-up: the firm estimates the hours each stage of the audit will take, applies the charge-out rate for each grade of staff assigned, adds loading for higher-risk areas, and adds a premium in the first year. There is no regulated rate, so the final number reflects your company’s size, complexity and record quality rather than a published scale.
What are typical auditor fees for a small company in Singapore?
For a small company with simple operations, auditor fees typically run between S$2,500 and S$5,000 a year. A dormant company sits lower, usually S$1,000 to S$2,000. Anything materially below that range is worth questioning on scope before you accept it.
How much are audit fees for public companies?
Audit fees for public companies are significantly higher than for private ones. Listed entities face additional reporting, internal control and regulatory requirements that add audit hours, so fees generally start at S$12,000 and frequently exceed S$20,000 depending on group structure and complexity.
How much does it cost to audit a dormant company?
A dormant company audit is the cheapest engagement, typically S$1,000 to S$2,000. Many dormant companies qualify for audit exemption outright, so check that first — you may not need to pay for an audit at all.
Why does my bank ask for audited accounts if my company is exempt?
Audit exemption is granted under the Companies Act; it does not override a contract you have signed. Banks, lenders, investors and some grant bodies can require audited financial statements as a condition of funding. The work and the fee match a statutory audit — only the trigger differs.
){kind=link}