Audit & Assurance
We provide independent assurance to enhance the credibility of financial and non-financial information. Our engagements emphasise accuracy, transparency and clear communication, aligned to applicable professional standards and regulatory requirements.
What Is a Company Statutory Audit?
A company statutory audit reviews financial records and confirms that reports show accurate accounting figures. Under Singapore audit compliance regulations, certain companies must complete this review each year. At Ascern, our audit team examines accounts, monitors transactions, and verifies records with precision. This process helps businesses reduce risks, strengthen internal controls, and build greater confidence with partners, investors, and government authorities.
Who Requires Statutory Audit Services in Singapore?
Companies in Singapore need audit services to follow these rules and keep strong financial records. Businesses also use audits to build trust with banks, investors, and partners. Ascern helps companies from many industries with clear guidance and simple support.
Growing Private Companies
Large businesses with rapid growth often need audits to keep their financial records clean and correct.
Companies Seeking Loans
Banks often ask for audited reports before they give loans or business funding.
Businesses With Investors
Investors trust businesses more when audited reports show clear and honest financial records.
Companies With Legal Rules
Some Singapore companies must complete audits every year to follow government laws and business rules.
Key Responsibilities Of An External Auditor
A skilled audit team protects financial accuracy and builds strong business trust. A reliable external auditor in Singapore, trusted by Singapore businesses, meticulously reviews records and addresses issues before they turn into costly issues.
Review Financial Statements
Auditors inspect reports, balances, and payments to make sure records match business activities.
Examine Internal Controls
The audit team studies company systems and addresses areas for improvement that may cause mistakes or fraud.
Identify Financial Risks
Auditors search for unusual payments and money gaps that may affect business growth and stability.
Support Regulatory Compliance
The audit process helps companies follow Singapore reporting rules and keep proper business records. Strong audit work also strengthens financial discipline across the company.
At Ascern, our auditors explain in clear words and guide businesses towards better reporting habits. This careful process helps owners make smart decisions, grow investor trust, and improve business transparency. A reliable audit company also supports future business plans through accurate financial reports and careful reviews.
Our Statutory Audit Process
Every audit process needs smart planning and clear communication. Ascern follows a simple process that keeps businesses informed from start to finish and reduces delays.
Step 1
Planning and Learning
Business structure, financial systems, and reporting methods are reviewed before the audit process begins.
Step 2
Risk Assessment
Possible risks, unusual transactions, and weak financial controls are identified and reviewed carefully.
Step 3
Testing and Matching
Financial transactions are matched with supporting documents to confirm accurate business reporting.
Step 4
Report Findings
Clear audit reports explain findings, highlight issues, and provide practical financial recommendations
Step 5
Final Discussion
Audit results are explained clearly while addressing important financial questions and reporting concerns.
This organised procedure helps businesses save time, improve accuracy, and stay calm during audits.
Affordable Audit Solutions for SMEs
Small and medium businesses need reliable support without difficult steps. Our affordable audit services help SMEs follow rules while managing costs smartly. At Ascern, auditors explain each step in simple language and provide practical help throughout the process. Businesses receive correct reports, careful checks, and strong guidance that support steady growth. A cost-benefit audit also helps smaller businesses strengthen financial control and prepare for future success.
Common Audit Challenges Businesses Face
Many businesses struggle with financial reporting because records become difficult over time. Strong audit support helps companies solve problems before they grow larger.
Incomplete Financial Records
Businesses often lose invoices, receipts, or payment records, which creates gaps during the audit process.
Weak Internal Controls
Poor control systems cause mistakes, duplicate payments, and unauthorised transactions in the business.
Delayed Reporting
Companies sometimes prepare reports too late, which slows the audit process and creates pressure on teams.
Compliance Confusion
Many businesses struggle to follow updated financial rules and reporting standards in Singapore.
FAQs
Some Singapore companies must complete statutory audits each year based on company size and legal rules.
An external auditor in Singapore checks records, studies payments, reviews compliance, and prepares honest financial reports.
Audit costs change based on company size, business activity, and reporting complexity during the audit process.
Most audits take several weeks, although timelines change based on records and company size.
Businesses usually provide bank statements, invoices, payroll files, tax papers, contracts, and financial reports during audits.
Some SMEs may qualify for audit exemption if they meet Singapore compliance requirements for revenue, assets, and employee numbers.
An experienced audit company improves financial accuracy, strengthens compliance, builds trust, and supports clear reporting systems.
What We Offer
Our assurance services are designed to provide stakeholders with confidence in your financial and operational reporting.
Statutory Audit
Audit of financial statements in accordance with applicable auditing standards (including the relevant Standards on Auditing). We perform a thorough examination to support credible financial reporting and meet regulatory requirements.
Deliverables
- Independent auditor's report
- Management letter
- Audit completion report
Grant / Compliance Verification
Verification or reporting required by grantors, regulators or stakeholders. We ensure your grant utilisation and compliance requirements are properly documented and verified.
Deliverables
- Compliance report
- Agreed scope report
- Findings schedule
Agreed-Upon Procedures (AUP)
Procedures performed on agreed areas without expressing an audit opinion. Ideal for specific verification needs where a full audit is not required.
Deliverables
- AUP report with factual findings
Special Purpose Assurance
Limited scope assurance for specific reporting needs. We tailor our approach to meet your unique requirements and stakeholder expectations.
Deliverables
- Assurance report (subject-matter specific)
Gross Turnover Audit (GTO)
Independent verification of gross turnover for reporting and compliance needs — commonly required under lease agreements, franchise arrangements, grant conditions, or regulatory reporting. We focus on the completeness and accuracy of revenue based on your business model and source records.
Deliverables
- Agreed scope aligned to the required format
- GTO audit report / certification for submission
Why Choose Ascern for Assurance?
Regulatory & Standards Expertise
Deep understanding of applicable auditing and reporting standards (including SSA and SFRS) and regulatory requirements.
Partner-Led Engagements
Direct access to experienced professionals throughout your engagement.
Clear Communication
We explain findings in plain language, not just technical jargon.
Ready to discuss your assurance needs?
Contact us for a no-obligation discussion about how we can support your organisation's assurance requirements.
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