Financial Statements Audit

FINANCIAL
STATEMENTS AUDIT SERVICES
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What do Singapore audited financial statements entail for my company?

A financial statement audit is an independent examination of a company’s financial records to ensure accuracy and compliance with existing accounting standards.

Singapore audited financial statements:

The purpose for your company to undergo an audit

Management holds the primary responsibility for preparing accurate financial statements, while audits offer independent verification to assure users of the financial statements that the statements comply with relevant laws, regulations, and accounting standards and are free from material misstatement.

Singapore audited financial statements:

5 key phases your company undergoes during Singapore audited financial statements process

Planning

The initial planning phase consists of us carrying out essential activities such as officially engaging the client, ensuring adherence to independence standards, assembling the audit team, and conducting necessary assessments to determine the scope, timing, and depth of procedures that you require for an efficient audit execution.

Risk Assessment

We use our knowledge of the company, industry, and business environment to assess potential financial statement risks, often requiring substantial judgment and expertise that we possess cultivated over several years within the auditor's firm and staying well-informed about the industry and competitors, customers, suppliers, and regulatory authorities where relevant.

Audit Strategy

After evaluating the identified risks, we formulate a comprehensive audit strategy, and our audit plan is aimed at mitigating the potential errors in the financial statements. This encompasses the design of a testing methodology for financial statement components, determining which of the company's internal controls should be considered, creating a detailed schedule, and assigning responsibilities to our audit team. The strategy and plan remain subject to ongoing evaluation throughout, allowing for adjustments in response to insights acquired about the business and its operating environment.

Gathering Evidence

We exercise professional skepticism and critical judgment while collecting and assessing evidence, employing a variety of methods. These methods encompass scrutinizing the company's internal controls, validating the figures and disclosures in the financial statements by cross-referencing them with the company's underlying records, and acquiring external documentation from third parties. Our rigorous approach involves testing management's significant assertions and the assumptions they have made when preparing the financial statements. For certain substantial amounts, like cash, we may also seek independent confirmation.

Finalization

Ultimately, we employ professional judgment to reach a comprehensive conclusion. This conclusion is derived from the examinations we have conducted, the evidence we have gathered, and all other audit procedures. It serves as the foundation for the audit opinion. Throughout the various phases of the audit, we maintain ongoing communication with the company. These interactions involve frequent discussions and meetings with both operational and senior executive levels of management, as well as those responsible for governance. We, guided by our professional skepticism and judgment, scrutinize and question management's claims regarding the figures and disclosures in the financial statements.

Putting our clients at the forefront

We customize our audit strategy for each client based on their unique business, industry, and needs. This approach involves forming specialized teams, industry-specific risk assessment led by partners, a client-focused audit program, a flexible timetable, and tailored communication. Our client-centric approach allows us to allocate resources effectively and provide valuable insights and assurance.

What assistance does Premia TNC provide?

Are You:

  • Facing regulatory pressure for audited financial statements?
  • In search of consistent global audit methods for your multinational?
  • Considering changing auditors or requiring more non-audit services?
  • Concerned about your auditor’s grasp of your company and industry?
  • Our services could be the solution you need. With Premia TNC’s robust support, you can channel your focus on enhancing customer relationships, refining your offerings, and driving business growth to effortlessly maximize your company’s success.
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Frequently Asked Questions

Financial Statements Audit Services

Are audited financial statements required for all Singapore companies?

No, not all companies need audited financial statements. Small companies that meet specific criteria may be exempt.

When are audited financial statements due in Singapore?

Deadlines vary, but typically within six months after the financial year-end.