Singapore Audit Support Services

a22162
21 hours ago
4 min read

Singapore Audit Support or Audit Preparation Services

There are numerous firms in Singapore that offer audit support or audit preparation services to help companies comply with statutory requirements and streamline the audit process.

These services are crucial for businesses in Singapore, as most companies are required to have their financial statements audited annually, unless they qualify for a statutory audit exemption.

1. Audit Preparation and Support Services

"Audit preparation" (or "audit support") is generally a set of services provided by accounting and consulting firms to ensure a company's financial records are organized, accurate, and ready for review by the Statutory Auditor. The Statutory Auditor must be an independent public accountant registered with the Accounting and Corporate Regulatory Authority (ACRA).

Key services provided by audit support firms include:

Financial Document Organization: Systematically organizing and indexing key records like invoices, receipts, bank statements, contracts, and payroll records.
Account Reconciliation: Performing detailed reconciliations of bank accounts, accounts payable, accounts receivable, and general ledgers to identify and resolve discrepancies before the auditor arrives.
Preparation of Supporting Schedules: Creating detailed breakdowns (schedules) for figures in the financial statements, such as depreciation schedules for fixed assets, ageing schedules for receivables and payables, and loan amortization tables.
Review of Financial Statements: Ensuring the final financial statements (Balance Sheet, Income Statement, Cash Flow Statement, and Notes) are prepared accurately and in compliance with the Singapore Financial Reporting Standards (SFRS).
Internal Control Review: Conducting a preliminary review of the company's internal controls and documentation processes, often highlighting weaknesses that the company can address prior to the official audit.
Compliance Documentation: Gathering and preparing documents related to regulatory compliance, such as tax filings, Goods and Services Tax (GST) returns, and CPF contributions.

2. Types of Audits in Singapore

Companies in Singapore typically engage audit firms for a range of assurance services, which may include:

Type of Audit	Purpose	Legal Requirement
Statutory Audit	To provide an opinion on whether the financial statements present a true and fair view in accordance with SFRS and the Companies Act.	Mandatory for most companies, unless they qualify for the "small company" exemption.
Internal Audit	An independent, objective assurance and consulting activity designed to add value and improve an organization's operations.	Depends on company policies, industry regulation, or listing requirements.
Special Purpose Audit	An audit or agreed-upon procedures for specific purposes, such as grant claims, gross turnover verification for leases, or compliance with loan covenants.	Required by the grant provider or specific agreement.

3. Estimated Cost

The cost for audit support and statutory audit services in Singapore varies significantly based on the size and complexity of the business, the volume of transactions, and the firm you choose.

General estimated ranges for Statutory Audit Fees (Note: These are for the audit itself, and not just the preparation support, which is often bundled):

Company Size/Complexity	Estimated Statutory Audit Fee Range (SGD)
Dormant/Very Small	S$2,000 to S$4,000
Small to Medium-sized	S$5,000 to S$10,000
Medium to Large/Complex	S$10,000 to S$20,000+
Consolidated Group	S$20,000 onwards

The audit preparation work (which may be part of a broader accounting service package) is what helps reduce the time and cost of the final statutory audit.

4. Finding a Service Provider

You can find a suitable service provider:

Bestar is a local specialist firm that primarily focuses on providing comprehensive, integrated corporate and accounting services for SMEs and startups in Singapore, including the necessary bookkeeping and document preparation for a smooth audit.

Bestar Singapore Specializes in Audit Preparation for Small and Medium-sized Enterprises (SMEs) in Singapore

Bestar in Singapore explicitly markets a range of services that constitute audit preparation and support, particularly catering to Small and Medium-sized Enterprises (SMEs).

We combine essential bookkeeping and accounting services to ensure a company's financial records are accurate and compliant before the statutory audit takes place.

1. Services Relevant to Audit Preparation

Bestar's approach to audit readiness is integrated, meaning we provide the underlying accounting work that makes the final statutory audit more efficient and less costly.

Key services that directly support audit preparation include:

Bookkeeping and Accounting Services: This is the foundation of audit readiness. Bestar provides dedicated services for daily transaction recording, general ledger maintenance, and bank reconciliation, which are essential for producing accurate financial records for the auditor.
Financial Statement Compilation: We prepare unaudited financial statements in compliance with the Singapore Financial Reporting Standards (SFRS). This is the main document the external auditor will review.
Statutory Compliance Filing: We assist with mandatory filings with the Accounting and Corporate Regulatory Authority (ACRA), such as the Annual Return (AR) and XBRL filing (where required), ensuring the company meets its regulatory obligations.
Internal Control Review: Beyond simple compliance, some of their advisory services, like Internal Audit and Controls Review, help management identify weaknesses in financial processes before the external statutory auditor highlights them.

Statutory Audit Services

Bestar's licensed audit arm, Bestar Assurance PAC, is a Public Accountant registered with ACRA and offers the mandatory Statutory Audit services for companies that do not qualify for the "Small Company" audit exemption. This means we can be a one-stop provider for both the preparation work and the final audit.

2. 🇸🇬 Focus on SMEs and Compliance

Bestar focuses on the SME segment by offering:

Integrated Business Support: We aim to serve as a single, coordinated provider for accounting, tax, corporate secretarial, and audit needs, which simplifies compliance for smaller businesses with limited internal resources.
Technology Integration: We leverage cloud-based accounting solutions like Xero, which streamlines the bookkeeping process and allows for more efficient data collection and analysis, benefitting the audit process.
Cost Structure: Our pricing for bookkeeping and annual compliance is often based on the volume of transactions, which is a scalable and transparent model suitable for growing startups and SMEs. Statutory audit fees for small and mid-tier firms start from rates around S$3,000 to S$4,000+ (subject to complexity and scope).

3. Key Audit Exemption for SMEs

It's important to note that many small Singapore private companies are exempted from the mandatory statutory audit if they qualify as a "Small Company."

To qualify, a private company must meet at least two of the following three criteria for the immediate past two consecutive financial years (FYs):