If your company is due for its annual statutory audit, you want two things: a report that stands up to ACRA and IRAS scrutiny, and an auditor who won’t drag the process past your filing deadline. Ackenting Group (AG) delivers both — ACRA-compliant statutory audits handled by a senior-only, ISCA-certified team, completed on a 30-day protocol, at a fixed, upfront fee.

What Is a Statutory Audit?

A statutory audit is an independent examination of a company’s financial statements, required under Singapore’s Companies Act for entities that don’t qualify for audit exemption. The auditor verifies that the accounts give a true and fair view of the company’s financial position and comply with the Singapore Financial Reporting Standards (SFRS) and Singapore Standards on Auditing (SSA).

Unlike a voluntary internal audit, a statutory audit is a legal filing requirement. The resulting audit report is submitted alongside your company’s Annual Return to the Accounting and Corporate Regulatory Authority (ACRA), and it’s often requested by banks, investors, and grant administrators as proof of financial credibility.

ACRA Statutory Audit Requirements in Singapore

Every Singapore-incorporated company must file an Annual Return with ACRA — non-listed companies have up to seven months after their financial year-end to do so (or within one month of the AGM, if one is held). Most companies must file their financial statements in XBRL format, though Exempt Private Companies and dormant companies may qualify for simplified or declaration-based filing.

Whether or not your company requires a statutory audit, you’re still expected to prepare financial statements in accordance with SFRS and maintain proper accounting records. Falling behind on either can delay your Annual Return and put your company in breach of its filing obligations.

Who Is Exempt? The Small Company Audit Exemption

Not every Singapore company needs a statutory audit. Your company may qualify as a “small company” — and therefore be exempt — if it meets at least two of the following three conditions for two consecutive financial years:

  • Annual revenue does not exceed S$10 million
  • Total assets does not exceed S$10 million
  • Employee count does not exceed 50 people

A company within a group must also meet these thresholds on a consolidated basis for the exemption to apply. If your company loses “small company” status in a given year — for example, if revenue crosses S$10 million — a statutory audit becomes mandatory for that financial year onward.

Even if you’re exempt from a statutory audit, maintaining audit-ready records is worth doing anyway. It keeps your books defensible for tax purposes, bank facility reviews, and any future fundraising.

Our Statutory Audit Process

We built our statutory audit process around a single constraint: your ACRA and IRAS deadlines don’t move, so our timeline can’t either. Here’s how it works:

  1. Scoping call. Our senior auditors and audit managers meet with you to understand your business model, industry, and reporting structure before any fieldwork begins.
  2. Customised audit checklist. We build a checklist specific to your business rather than applying a generic template, so you know exactly what’s needed upfront.
  3. Walkthrough. We run through the checklist with you so your team is prepared and there are no surprises mid-audit.
  4. Fieldwork and analysis. We test your financial records, identify control weaknesses, and flag issues early — typically within 2 to 4 weeks, against an industry standard of 4 to 8 weeks.
  5. Review and sign-off. The audit timeline is reviewed and approved by you throughout, so the final report is finalised before your deadline, not after.

This is the same process behind our 30-Day Completion Protocol: from the point we receive complete documentation, we target audit completion within 30 days. We intentionally cap our annual client intake to protect that turnaround — we’d rather serve fewer clients well than stretch our senior team thin.

How Much Does a Statutory Audit Cost in Singapore?

Audit fees in Singapore typically depend on your company’s revenue, transaction volume, industry, and the state of your accounting records going into the audit. Rather than billing by the hour and leaving you guessing, AG works on a fixed-fee basis: we assess your business during the scoping call and provide a firm, all-in quote before any fieldwork starts.

Two principles guide our pricing:

  • Approval-first on scope changes. If something outside the original scope comes up mid-audit, we present it and get your sign-off before doing the work — never a surprise line item on the final invoice.
  • No hidden disbursements. The fee we quote is the fee you pay.

For an indicative starting point, statutory audits at AG begin from S$5,000, scaled to your company’s size and complexity. Get in touch for a fixed quote based on your specific numbers.

Why Choose Ackenting Group for Your Statutory Audit

Singapore has no shortage of audit firms. Here’s what separates AG for companies that need their statutory audit done right and done on time:

  • A senior-only, ISCA-certified team. Every engagement is led by ISCA-certified Public Accountants and Chartered Accountants, several with over a decade of Big 4 audit experience — not delegated down to unsupervised juniors.
  • A 30-day completion protocol. We limit new client intake specifically to protect this turnaround, so your audit doesn’t sit in a queue behind larger, over-committed engagements.
  • Fixed, upfront pricing. You get a firm quote before work begins, with no billable-hour anxiety and no scope creep without your sign-off.
  • 260+ five-star Google reviews. Our track record across more than 2,000 audit engagements is public and verifiable, not a claim we’re asking you to take on faith.

If your statutory audit needs sit alongside other requirements — sales audits, grant audits, or group consolidation — our full range of audit services covers those alongside the statutory work, so you’re not coordinating multiple vendors for one filing season.

Frequently Asked Questions

Does my company need a statutory audit in Singapore?

Your company needs a statutory audit unless it qualifies as a “small company” by meeting at least two of three conditions for two consecutive financial years: annual revenue under S$10 million, total assets under S$10 million, and no more than 50 employees. Companies that are part of a group must meet these thresholds on a consolidated basis.

How long does a statutory audit take?

Using our 30-Day Completion Protocol, we target full completion within 30 days of receiving your complete documentation — well ahead of the 4-to-8-week industry standard for SME audits.

What documents do I need to prepare for a statutory audit?

Commonly required documents include financial statements and the general ledger, bank statements and reconciliations, sales invoices and purchase bills, payroll and CPF records, the fixed asset register, and corporate documents such as incorporation records and shareholding information.

How much does a statutory audit cost in Singapore?

Statutory audits at AG start from S$5,000 on a fixed-fee basis, scaled to your company’s size, industry, and transaction complexity. You’ll receive a firm quote before any fieldwork begins, with no hidden fees.

What happens if I miss my statutory audit deadline?

Late or incomplete Annual Return filings can result in penalties from ACRA and put your company in breach of its statutory obligations. It can also delay funding applications, banking facility reviews, and dividend distributions where an audited report is a precondition.

Can Ackenting Group also handle my other audit and compliance needs?

Yes. Beyond statutory audits, our audit services in Singapore include sales, grant, group consolidation, BCA, MCST, and charities audits, handled by the same senior team under the same fixed-fee approach.

Ready for an audit that doesn’t cost you your deadline? Get a fixed-fee statutory audit quote from AG’s senior audit team.