Drafting a "Request for Proposal" (RFP) to Send to Bestar for a Formal Audit Quote

Drafting a "Request for Proposal" (RFP) to Send to Bestar for a Formal Audit Quote | Bestar

Drafting a "Request for Proposal" (RFP) to Send to Bestar for a Formal Audit Quote

To get an accurate and competitive quote from Bestar, your Request for Proposal (RFP) needs to provide enough "volume data" for us to estimate the man-hours required. A vague request often leads to higher quotes as auditors build in a "buffer" for unknown complexities.

Use the template below to ensure you get a precise proposal.

Request for Proposal (RFP): Statutory Audit Services

To: Audit Engagement Partner, Bestar PAC

From: [Your Name/Designation], [Your Company Name]

Date: [Insert Date]

Subject: Invitation to Propose for Statutory Audit Services for FYE 2025

1. Introduction

[Your Company Name] is a [Industry, e.g., Fintech / Retail / Manufacturing] company incorporated in Singapore. We are currently seeking a qualified ACRA-registered public accounting firm to provide statutory audit services for the financial year ending 31 December 2025.

2. Scope of Work

We require a full statutory audit in accordance with Singapore Standards on Auditing (SSAs). The scope includes:

• Audit of annual financial statements according to SFRS.

• Preparation of the Independent Auditor’s Report.

• [Optional] Preparation and filing of XBRL financial statements.

• [Optional] Corporate Tax computation and filing (Form C/C-S).

3. Company Profile & Volume Data

To assist in your fee estimation, please find our key financial metrics for the current year:

• Estimated Annual Revenue: S$[Amount]

• Total Assets: S$[Amount]

• Number of Employees: [Number]

• Volume of Transactions: Approximately [Number] invoices per month.

• Bank Accounts: [Number] accounts across [Number] banks.

• Accounting Software: [e.g., Xero / QuickBooks / SAP].

• Inventory: [Yes/No] (If yes, specify number of locations for stock-take).

• Subsidiaries: [None / Number of subsidiaries to be consolidated].

4. Timeline

We aim to adhere to the following schedule:

• Appointment of Auditor: By [Date]

• Interim/Pre-audit: [Date, e.g., November 2025]

• Final Fieldwork: [Date, e.g., March 2026]

• Draft Report Issued: By [Date]

• AGM & Filing: By 30 June 2026

5. Proposal Requirements

In your response, please include:

1. Firm Profile: Overview of your experience in the [Your Industry] sector.

2. Audit Team: Brief profiles of the Partner and Manager assigned to our account.

3. Audit Methodology: Brief explanation of your digital/AI audit approach.

4. Fee Proposal: A breakdown of fees for Audit, XBRL, and Tax (if applicable), including any expected out-of-pocket disbursements.

6. Submission Instructions

Please submit your proposal via email to [Your Email Address] by [Deadline Date]. Should you require our latest management accounts or ACRA BizProfile to finalize the quote, please let us know.

Best regards,

[Your Name]

[Your Company Name]

Strategy: How to get a better price

When sending this to Bestar, attach your previous year’s Audited Financial Statements (if any) and a current Trial Balance. This gives us "proof of clean books." If your books are already in a cloud system like Xero, mention that you can provide "Read-Only" access—this often results in a lower fee because it reduces their manual data entry time.

How Bestar Can Help: Streamlining Your Statutory Audit in Singapore

Drafting a "Request for Proposal" (RFP) to Send to Bestar for a Formal Audit Quote

In the highly regulated business environment of Singapore, compliance is the bedrock of corporate success. Bestar, an ACRA-registered Public Accounting Corporation, provides more than just a signature on a report. We offer a comprehensive suite of audit and assurance services designed to mitigate risk and drive financial transparency.

1. Ensuring Seamless ACRA & IRAS Compliance

Navigating the Singapore Companies Act can be daunting. Bestar acts as your regulatory compass, ensuring your company meets every deadline and standard.

• Statutory Audits: Providing independent opinions that your accounts give a "true and fair" view.

  
  

• XBRL Filing: Expertly converting your financial statements into the mandatory digital format for ACRA submission.

  
  

• Tax Provisions: Coordinating with our tax experts to ensure your audit accounts reflect accurate tax liabilities, preventing IRAS disputes.

2. Industry-Specific Expertise

Every sector has unique financial nuances. Bestar brings deep technical knowledge across various Singaporean industries:

• Variable Capital Companies (VCCs): Specialized audit procedures for investment funds and umbrella structures.

  
  

• Charities & IPCs: Ensuring transparency and compliance with the Code of Governance for Charities.

  
  

• SMEs & MNCs: Scalable audit solutions that grow with your business complexity, from local startups to regional hubs.

3. Digital-First Audit Methodology

In 2025, manual auditing is no longer enough. Bestar utilizes AI-driven audit tools to provide a higher level of assurance and efficiency.

• 100% Data Testing: Moving beyond random sampling to analyze entire datasets for anomalies using data analytics.

  
  

• Cloud Integration: We work seamlessly with platforms like Xero, QuickBooks, and NetSuite, reducing the time your finance team spends on manual document retrieval.

  
  

• Enhanced Risk Detection: Identifying internal control weaknesses before they become liabilities.

4. Beyond the Audit: Business Value Addition

A Bestar audit doesn't just end with a report. We provide a Management Letter at the end of every engagement, offering actionable insights on:

• Improving internal financial controls and segregation of duties.

  
  

• Optimizing cash flow management based on identified trends.

  
  

• Ensuring your accounting policies remain up-to-date with the latest SFRS (International) changes.

The Bestar Advantage: Why Businesses Choose Us

Feature	Benefit to You
ACRA-Registered	Guaranteed acceptance by all Singaporean regulators and banks.
Global Reach	Support for cross-border transactions and consolidated group audits.
Personalized Service	Direct access to audit partners for strategic, high-level advice.
Cost-Effective	Transparent pricing models tailored to your company's actual transaction volume.

Conclusion: Partnering for Peace of Mind

Appointing Bestar as your statutory auditor is an investment in your company's reputation. Whether you are preparing for a capital raise, applying for bank financing, or simply meeting your annual ACRA obligations, we provide the expertise to get it done right the first time.

Request for Proposal