A statutory auditor in Singapore is a qualified public accountant or accounting firm that is registered with the Accounting and Corporate Regulatory Authority (ACRA). Statutory auditors are required by law to audit the financial statements of all private limited companies in Singapore, unless the company meets the audit exemption criteria.
The audit exemption criteria for private limited companies in Singapore are as follows:
The company must be a small company, which is defined as a company that meets all of the following criteria:
It has an annual turnover of not more than S$10 million;
It has a total assets value of not more than S$10 million;
It has not more than 50 employees.
The company must not be a public company, a subsidiary of a public company, or a company that is required to be audited by law.
If a private limited company meets the audit exemption criteria, it is not required to appoint an auditor or have its accounts audited. However, the company may choose to do so voluntarily.
Statutory audits are important because they help to ensure that the financial statements of companies are accurate and reliable. This is important for a number of reasons, including:
It helps to protect investors and creditors from fraud and financial mismanagement.
It helps to promote transparency and accountability in the corporate sector.
It helps to ensure that companies comply with all applicable laws and regulations.
If you are looking for a statutory auditor in Singapore, contact Bestar. We are registered with ACRA and have a good reputation.
Choosing a reputable statutory auditor is an important decision, as it can help to protect your business and its stakeholders.
Bestar is a Singapore-based accounting and corporate services provider that offers statutory audit services. Bestar is registered with ACRA and has a team of experienced and qualified auditors. Bestar provides statutory audit services to a wide range of clients, including small and medium-sized enterprises (SMEs), public companies, and subsidiaries of multinational corporations.
Bestar's statutory audit services include:
Assessing the company's internal controls and risk management systems
Testing the company's financial statements for accuracy and reliability
Providing an audit opinion on the company's financial statements
Bestar's auditors work closely with their clients to understand their business and specific needs. Bestar's audits are designed to be efficient and effective, while also providing valuable insights and recommendations to help their clients improve their financial reporting and internal controls.
Here are some of the benefits of using Bestar as your statutory auditor in Singapore:
Bestar is experienced in auditing a wide range of companies, from SMEs to public companies.
Bestar's auditors are highly qualified and registered with ACRA.
Bestar's audits are efficient and effective, while also providing valuable insights and recommendations.
Bestar is committed to providing its clients with excellent customer service.
If you are looking for a reputable and experienced statutory auditor in Singapore, Bestar is a good option to consider. Contact us today!