AUDIT

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AUDIT

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Statutory audit

In Singapore, every company is required get its financial statements and accounting records audited by an auditor on an annual basis unless the company meets the Singapore audit exemption requirement.

A “small company” is exempt from auditing their financial statements. 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 financial years:
• total annual revenue ≤ $10m;
• total assets ≤ $10m;
• 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.

For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.

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Special purpose audit

A special purpose audit is often tailored to meet the financial information needs of specific group of users. The scope and objectives of a special purpose audit are defined by the parties involved and are typically narrower in focus as compared to a standard financial audit.

The findings and conclusions of a special purpose audit are reported to the stakeholders who commissioned the audit, providing them with assurance regarding the specific financial matter under examination.

 

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Financial due diligence

Financial due diligence is typically conducted during mergers and acquisitions and investment transactions venture. The main purpose of a financial due diligence is to verify the reliability of the target company’s financial information, as well as identifying any potential risks or liabilities that may impact the transaction.

The procedures for the due diligence exercise are highly tailored depending on the needs of the acquirer. Often, the findings can help provide crucial insights to the business or assets to be acquired and to help the acquirer to make informed decisions about the acquisition and/or investment transactions.