Auditing Services
Comprehensive Auditing Services in Singapore. Ensure financial transparency and compliance with our statutory, group consolidation, sales, grant, and MCST audits.
In the dynamic business environment of Singapore, maintaining financial transparency and regulatory compliance is crucial for success. At JCP Trust Accounting, we provide comprehensive auditing services designed to meet the unique needs of businesses in Singapore.
Our expert auditors are committed to delivering accurate, timely, and insightful audit reports that help you navigate complex financial landscapes with confidence.
Our Auditing Services
Statutory Audit
Ensure compliance with Singapore’s statutory requirements through our meticulous statutory audits. We thoroughly examine your financial statements to verify their accuracy and adherence to regulatory standards, enhancing transparency and trust.
Group Consolidation Audit
Simplify group financial reporting with our expert group consolidation audits. We provide a clear and comprehensive view of your group’s financial status, ensuring compliance with relevant standards and facilitating strategic decision-making.
Sales Audit
Optimize your sales performance with our detailed sales audits. We scrutinize your sales processes to identify discrepancies and opportunities for improvement, ensuring accuracy in sales reporting and driving business growth.
Grant Audit
Secure and manage your grant funds with our specialized grant audit services. We ensure that your grant funds are used appropriately and in compliance with grantor requirements, providing transparent and accountable financial reporting.
MCST Audit
Maintain the financial integrity of your Management Corporation Strata Title (MCST) with our MCST audit services. We deliver transparent and compliant financial reporting, ensuring smooth operations and confidence among stakeholders.
BCA Audit
In the dynamic world of construction, where precision and reliability are paramount, external financial auditors emerge as essential sentinels of financial transparency and accountability. A BCA Auditor’s role goes beyond crunching numbers; it encompasses safeguarding the interests of stakeholders, ensuring compliance with industry regulations, and promoting excellence in construction companies. We delve into the vital function of external financial auditors in auditing the accounts of construction companies.
External Audit
An external audit is an independent assessment of a company’s financial information and records. The purpose of an external audit is to provide assurance to stakeholders, such as shareholders and creditors, that the company’s financial statements are accurate and in compliance with relevant laws and regulations. External audits are typically required by law for publicly traded companies, and they are also commonly used by private companies to improve their financial reporting and attract investors.
Internal Audit
Charities Audit
Conducting audits for charities in Singapore requires a deep understanding of the regulatory environment, robust audit planning, and careful execution of audit procedures. By adhering to these guidelines, auditors can help charities enhance their financial integrity and achieve their mission effectively.
Internal Audit
Got questions? We’ve got answers. Explore our FAQ section for quick and detailed responses to the most common inquiries about our services.
A company qualifies as a small company if:
(a) it is a private company in the financial year in question; and
(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
1. total annual revenue ≤ $10m;
2. total assets ≤ $10m;
3. no. of employees ≤ 50.
For a company which is part of a group:
(a) the company must qualify as a small company; and
(b) entire group must be a “small group”
to qualify to the audit exemption.
The audit exemption will be applicable for financial years beginning on or after the change in the law (1 Jul 2015). Transitional provisions have been provided for the first two years after the change in law.
The total revenue and total assets of a company would be determined by the accounting standards and what appears as the total revenue or total assets in the financial statements of the company.
The number of employees is based on the number of full-time employees employed by the company at the end of the financial year.
There is no longer a requirement that the company has to be an exempt private company (one of the requirements for which is that there is no corporate shareholder) to qualify for the audit exemption. A private company which has corporate shareholders but fulfils the criteria can be entitled to the small company audit exemption.
In order for a subsidiary to be able to qualify for the small company exemption, the group to which it belongs would have to qualify as a small group and fulfil the thresholds on a consolidated basis. Therefore, even if the subsidiary is able to qualify as a small company, but the group to which it belongs is not a small group, and the holding company has to audit the consolidated financial statements, the subsidiary would not be able to enjoy the benefits of audit exemption.
The small company audit exemption only applies to Singapore incorporated companies. However, for the purposes of determining whether the group to which a company belongs is a small group, all entities within that group are taken into account, including foreign entities, in determining whether the consolidated total revenue and consolidated total assets of the group meet the thresholds.
Even where the holding company is a foreign company, a Singapore subsidiary will need to determine whether the group to which it belongs qualifies as a small group, to determine if it can qualify for the small company audit exemption. Where the holding company has prepared consolidated financial statements, the “consolidated total assets” and “consolidated revenue” of the group shall be determined in accordance with the accounting standards applicable to the group. Where the holding company does not prepare consolidated financial statements, the consolidated total assets should be determined by the aggregation of the total assets of all the members of the group, and the consolidated revenue should be determined by the aggregated revenue of all the members of the group.
There are 4 types of audit opinions:
1. Unqualified Opinion
Auditors issue this opinion to financial statements prepared in all material respect and comply with accounting standards being used and the applicable regulation.
2. Qualified Opinion: Highlighting Exceptions
A qualified opinion is issued when auditors identify specific issues within the financial statements. While the overall presentation is deemed accurate, this opinion highlights areas that require attention or clarification.
3. Disclaimer of Opinion: Insufficient Information
Auditor could not obtain and were unable to access the audit evidence for an individual item or in aggregation to support their testing.
4. Adverse Opinion: Material Misstatements
This opinion is the message to users of financial statements that they should not rely on these financial statements in their decision-making.
Why Auditing is Essential for Your Business?
Auditing is one of the most important business procedures, requiring attention to every detail and compliance with Singapore’s regulations. It provides a clear view of your company’s financial standing, supporting intelligent business decisions based on facts and records.
Engaging a professional auditor ensures precise and unbiased analysis of your financial records. Hiring an external auditor brings neutrality and independence, reinforcing early fraud detection and exposing financial irregularities. This highlights any deviations from ethical practices, enhancing efficiency and identifying fiscal strengths and weaknesses for pragmatic decision-making.
Benefits of Choosing JCP Trust Accounting
- Expertise: Our team of seasoned auditors possesses deep knowledge of Singapore's regulatory landscape, ensuring thorough and accurate audits.
- Reliability: We deliver accurate, timely, and transparent audit reports you can trust.
- Personalized Service: We tailor our auditing services to meet the specific needs of your business, providing customized solutions that drive success.
Our expertise allows us to provide a holistic perspective when assessing your company performance. We review operational and organizational structures to check conformity with relevant standards and highlight opportunities for improvement in weaker areas, providing an in-depth analysis of your existing processes’ efficiency and effectiveness.
We deliver top-notch service and strive to understand the unique nature of our clients’ businesses. Our audit services are tailored to your specific needs, helping you achieve business objectives, manage risks, and improve performance amidst rapid changes in today’s business world. With our external help and resources, you can confidently tackle and address all audit issues.