Audit & Assurance Services
Our dedicated team excels in providing high-quality audits, leveraging innovative solutions to offer our clients value, transparency, and outstanding service.
Evolution of the auditing industry
Auditing plays an indispensable role in today’s business, serving to mitigate the risk of fraud and facilitating prudent financial planning based on accurate assessments of business performance.
Given the escalating instances of employee-driven fraudulent activities, many companies opt to engage reputable third-party auditors to conduct independent reviews of their financial records. This practice fosters confidence and trust among stakeholders, including shareholders, clients, and creditors. An audited set of financial statements stands as a testament to a company’s credibility and stability.
Our Service Offerings
Groundwork delivers independent and reliable auditing services, equipped with chartered accountants possessing a strong understanding of auditing principles. Our team conducts comprehensive examinations of accounting records and provides an unbiased assessment of whether the financial statements offer a reasonable and accurate portrayal of the company’s financial position.
Our objective is to identify financial risks, such as fraud, anomalies, and errors, and areas for enhancement, such as internal controls, to optimize business processes while ensuring compliance with accounting standards and relevant regulatory mandates. The necessity for an audit depends on factors like the company’s size, nature, and specific requirements stipulated by the Accounting and Corporate Regulatory Authority.
We offer services including statutory financial statements audits, interim financial statements audits, and certification of financial statements.
Proven audit methodologies
With relevant tools and experienced auditor teams, we consistently deliver quality audits grounded in a coherent audit methodology. Our audit services are customized to align with your unique business needs.
Our approach to conducting a thorough audit encompasses both traditional and innovative methods. We combine established accounting practices with a critical and inquisitive outlook, incorporating knowledge and expertise in emerging areas, including data analytic.
When to appoint an auditor
In Singapore, all companies are required to appoint an auditor within three (3) months of incorporating the new entity, unless the entity qualifies for audit exemptions under Section 205B or Section 205C of the Singapore Companies Act, Chapter 50
Effective from 1 July 2015, the Audit Exemption for Singapore companies is based on the following criteria:
A “small company” is a private company that meets at least two quantitative criteria for the immediate past two financial years:
Total annual revenue does not exceed SGD 10 million.
Total assets do not exceed SGD 10 million.
Total number of employees does not exceed 50.
A “small group” is defined as a private group (the company must meet the “small company” criteria) that meets at least two quantitative criteria for the immediate past two financial years:
Consolidated group revenue does not exceed SGD 10 million.
Consolidated group assets do not exceed SGD 10 million.
Aggregate number of employees does not exceed 50.
Audit exemption is applicable to Singapore companies that meet the “small company” criteria. In the case of group companies, both the individual company and the entire group must meet the “small company” and “small group” criteria, respectively.
How do we assist you
Groundwork initiates the auditing process by collaborating with key personnel to draft an audit plan. Subsequently, our auditors meticulously examine the company’s financial records and statements, potentially engaging in discussions with key personnel and conducting on-site inspections. The audit process typically comprises planning, risk assessment, testing, and reporting.
Fee structure for audit services
Groundwork offers the following one-time fees:
Dormant to Semi-Dormant Company: SGD 300
Active Company: SGD 500 onwards
Group Company: SGD 1000 onwards
The ultimate fee is determined by the complexity and volume of the company’s transactions and management accounts, as mutually discussed and agreed upon.
For inquiries or to learn more about our audit & assurance services, please use the contact form, and we will promptly reach out to you.