Key Services Offered by a Leading Audit Firm in Singapore

In Singapore’s highly competitive and tightly regulated business environment, companies need the support of a professional audit firm to stay compliant, credible, and growth-ready. However, audit firms do much more than simply provide statutory audits. A leading audit firm offers a wide range of services designed to strengthen financial transparency, improve corporate governance, and help businesses grow sustainably.

In this article, we will explore the key services typically offered by top-tier audit firms in Singapore and how they can benefit your business.

1. Statutory Audit Services

The primary service most people associate with an audit firm is the statutory audit. In Singapore, companies that meet specific criteria — such as exceeding $10 million in revenue, assets, or employees — must appoint a public accountant to audit their financial statements.

A statutory audit ensures that:

• Financial statements present a true and fair view of the company’s financial position.

• The business is compliant with the Companies Act and applicable accounting standards.

• Stakeholders such as investors, banks, and regulators can trust the financial information provided.

Engaging a reliable audit partner like Koh & Lim Audit PAC ensures that your statutory audits are conducted professionally, accurately, and efficiently.

2. Group Audits and Consolidation Audits

For businesses with subsidiaries or holding structures, a group audit becomes necessary. A group audit involves consolidating the financial results of all related entities and ensuring that the group’s financial statements are free from material misstatements.

Leading audit firms have the expertise to:

• Manage the complexity of group audits.

• Coordinate audits across different jurisdictions if subsidiaries are overseas.

• Ensure compliance with SSA 600 (Singapore Standard on Auditing for Group Audits).

Properly conducted group audits enhance the credibility of the parent company’s financial reporting and provide transparency to shareholders and regulatory bodies.

3. MCST Audits (Management Corporation Strata Title Audits)

In Singapore, Management Corporations (MCSTs) are required to undergo annual audits of their accounts. A reputable audit firm provides specialized MCST audit services, ensuring that the management of residential or commercial properties is accountable to the owners.

MCST audits involve:

• Reviewing financial statements, income, and expenditure accounts.

• Verifying the accuracy of maintenance and sinking fund usage.

• Ensuring compliance with the Building Maintenance and Strata Management Act (BMSMA).

Proper MCST audits help maintain the trust of property owners and protect the long-term value of the property.

4. Internal Audit Services

Internal audits are not just for compliance — they are strategic tools that help businesses identify operational inefficiencies, manage risks, and strengthen internal controls.

A good audit firm offers internal audit services that:

• Assess the effectiveness of internal controls and governance processes.

• Identify weaknesses and recommend improvements.

• Help businesses achieve operational efficiency and risk mitigation.

Internal audits are increasingly popular among SMEs and larger corporations seeking continuous improvement and better risk management practices.

5. Special Purpose Audits

Sometimes, businesses require audits for specific purposes outside the scope of statutory or internal audits. These may include:

• Grant audits (for verifying eligibility and use of government grants).

• Gross Turnover (GTO) audits (often required by shopping malls from tenants).

• Regulatory compliance audits for industries like healthcare, finance, or education.

A versatile audit firm like Koh & Lim Audit PAC can customize special purpose audits to meet regulatory, contractual, or stakeholder requirements.

6. Due Diligence Reviews

When businesses are involved in mergers, acquisitions, or investments, due diligence reviews become essential. A professional audit firm provides financial due diligence services to:

• Assess the financial health of a target company.

• Identify potential risks and liabilities.

• Verify the accuracy of financial representations made during negotiations.

Comprehensive due diligence can protect your interests and ensure that your business transactions are sound and well-informed.

7. Agreed-Upon Procedures (AUP) Engagements

Sometimes, businesses may not need a full audit but still require an independent verification of specific data, processes, or financial information. In these cases, Agreed-Upon Procedures (AUP) engagements are ideal.

Under an AUP engagement, the audit firm performs specific procedures agreed upon with the client and provides a factual report of findings without expressing an opinion.

Examples include:

• Verifying sales figures for commission payouts.

• Reviewing compliance with specific regulatory conditions.

• Checking selected transactions or balances for accuracy.

AUP engagements are flexible and targeted, saving businesses time and cost while providing needed assurance.

8. Financial Reporting Advisory

Preparing accurate financial statements that comply with Singapore Financial Reporting Standards (SFRS) can be complex, especially when dealing with new accounting standards, revenue recognition rules, or lease accounting changes.

Leading audit firms offer financial reporting advisory services, helping businesses:

• Interpret complex accounting standards.

• Prepare compliant and high-quality financial statements.

• Manage accounting policy transitions and technical disclosures.

This service is particularly valuable for fast-growing companies and those preparing for public listings or major funding rounds.

9. Risk Management and Corporate Governance Advisory

Beyond traditional auditing, a top audit firm helps companies strengthen their risk management frameworks and governance practices.

Services include:

• Designing and assessing risk management frameworks.

• Establishing whistleblower programs.

• Advising on governance best practices for boards and audit committees.

Effective risk management and governance structures enhance investor confidence and prepare businesses for long-term success.

10. Tax Advisory and Compliance Support

While not all audit firms provide tax services, many leading firms also offer tax advisory to complement their audit and assurance services.

Tax support services may include:

• Corporate tax compliance and filing.

• GST (Goods and Services Tax) reporting and advisory.

• Transfer pricing documentation.

• Tax planning strategies to optimize tax liabilities.

Integrated audit and tax services provide businesses with a more holistic financial advisory experience, ensuring compliance and strategic tax efficiency.

Conclusion

A professional audit firm in Singapore does much more than tick regulatory boxes — it becomes a strategic partner that helps businesses manage risks, optimize operations, and drive sustainable growth.

From statutory audits and internal audits to special purpose reviews and financial reporting advisory, firms like Koh & Lim Audit PAC offer a comprehensive suite of services that cater to businesses across all industries and growth stages.

Choosing the right audit firm ensures that you not only meet your compliance obligations but also unlock new opportunities for operational improvement, financial transparency, and strategic success.