Audit Firm Singapore: Expert Statutory Audit Services Singapore for Businesses

Introduction: The Importance of Engaging a Reliable Audit Firm in Singapore

A company’s financial transparency and compliance with regulatory requirements are critical for maintaining trust among stakeholders, investors, and regulatory authorities. Engaging a professional audit firm in Singapore ensures that your business meets statutory audit obligations while identifying areas for financial improvement.

At Koh & Lim Audit PAC, we provide expert audit services in Singapore, delivering independent and thorough financial audits to ensure compliance with the Singapore Companies Act, Singapore Financial Reporting Standards (SFRS), and the requirements set by ACRA and IRAS.

This article highlights the importance of statutory audits, the role of an experienced audit firm in Singapore, and how Koh & Lim Audit PAC can help businesses achieve financial integrity and regulatory compliance.

What Is a Statutory Audit, and Why Is It Required?

A statutory audit is a mandatory financial review conducted by an independent auditor in Singapore to ensure that a company’s financial statements present a true and fair view of its financial position.

Under the Singapore Companies Act, a company is required to undergo a statutory audit if it meets any of the following conditions:

📌 Annual revenue exceeds S$10 million
📌 Total assets exceed S$10 million
📌 Company has more than 50 employees

A statutory audit helps businesses comply with regulatory requirements, enhances investor confidence, and strengthens internal financial controls.

At Koh & Lim Audit PAC, we provide professional audit services in Singapore to ensure that businesses fulfill their statutory obligations efficiently and accurately.

Key Audit Services Offered by Koh & Lim Audit PAC

As a trusted audit firm in Singapore, we provide a wide range of audit services in Singapore tailored to businesses across various industries.

1. Statutory Audit

• Mandatory financial audits for companies exceeding the audit exemption criteria.
• Ensures compliance with SFRS and ACRA regulations.
• Provides assurance to shareholders, lenders, and regulators.

2. Internal Audit

• Evaluates financial processes and internal controls.
• Identifies risks and fraud vulnerabilities.
• Strengthens corporate governance and operational efficiency.

3. Gross Turnover Audit (GTO Audit)

• Required for businesses operating in shopping malls or retail spaces.
• Ensures compliance with rental agreements based on gross revenue calculations.

4. Special Purpose Audit

• Includes grant audits, project audits, and due diligence audits.
• Provides financial verification for business transactions, acquisitions, and investments.

5. Risk-Based Audit

• Identifies financial and operational risks.
• Helps businesses implement effective risk management strategies.

At Koh & Lim Audit PAC, we tailor our audit services in Singapore to meet the unique needs of each client, ensuring accuracy, compliance, and financial transparency.

The Audit Process at Koh & Lim Audit PAC

Our structured and professional approach to auditing ensures that businesses receive accurate and timely audit reports.

🔹 Step 1: Initial Consultation & Audit Planning

• Understanding the company’s financial position and compliance requirements.
• Identifying key risk areas and developing an audit strategy.

🔹 Step 2: Financial Data Examination

• Reviewing financial transactions, balance sheets, and income statements.
• Ensuring compliance with Singapore Financial Reporting Standards (SFRS).

🔹 Step 3: Risk Assessment & Internal Control Review

• Evaluating the effectiveness of internal financial controls.
• Identifying any inconsistencies, errors, or areas for improvement.

🔹 Step 4: Audit Report Preparation

• Issuing an independent audit report with findings and recommendations.
• Providing insights on improving financial management and compliance.

🔹 Step 5: Compliance & Submission

• Assisting businesses in submitting audit reports to ACRA and relevant regulatory bodies.
• Ensuring compliance with tax and financial reporting obligations.

With Koh & Lim Audit PAC, businesses benefit from a transparent and efficient audit process designed to enhance financial stability.

Who Needs an Audit Firm in Singapore?

Engaging a professional audit firm in Singapore is essential for businesses that:

✅ Require a statutory audit under Singapore law
✅ Need an independent financial review for investors or lenders
✅ Operate in high-risk industries with strict compliance requirements
✅ Want to improve internal controls and risk management strategies
✅ Are undergoing mergers, acquisitions, or business restructuring

If you’re unsure whether your business requires audit services in Singapore, our team at Koh & Lim Audit PAC can assess your financial situation and compliance obligations.

Common Challenges Businesses Face Without an Auditor in Singapore

Many businesses face financial and operational risks when they fail to engage a reliable audit firm in Singapore. Some common challenges include:

⚠ Regulatory Non-Compliance – Failure to meet audit requirements can result in penalties from ACRA.
⚠ Financial Mismanagement – Without audits, businesses may struggle with inaccurate financial reporting.
⚠ Limited Access to Business Loans – Banks and investors require audited financial statements before approving funding.
⚠ Increased Fraud Risks – Weak internal controls can lead to financial fraud or mismanagement.
⚠ Loss of Investor Confidence – Stakeholders may lose trust in businesses with unaudited financial reports.

By partnering with Koh & Lim Audit PAC, businesses avoid these risks while strengthening financial compliance and credibility.

Why Choose Koh & Lim Audit PAC as Your Audit Firm in Singapore?

As a leading audit firm in Singapore, Koh & Lim Audit PAC is committed to providing high-quality, independent audit services that help businesses achieve financial transparency and regulatory compliance.

What Sets Us Apart?

✔ Experienced & Accredited Auditors – Our professional auditors have extensive experience handling audits for businesses of all sizes.
✔ Comprehensive & Tailored Audit Services – We customize audit solutions based on industry-specific needs.
✔ Strict Compliance & Accuracy – We ensure adherence to SFRS, ACRA, and IRAS regulations.
✔ Efficient & Timely Audit Process – Our streamlined audit methodology minimizes disruptions to business operations.
✔ Value-Added Financial Insights – Beyond compliance, we provide recommendations to improve financial management.

At Koh & Lim Audit PAC, we are dedicated to delivering professional and transparent audit services in Singapore that add value to your business.

Engage Koh & Lim Audit PAC for Reliable Audit Services in Singapore

For businesses seeking a trusted audit firm in Singapore, Koh & Lim Audit PAC provides expert audit services in Singapore with a focus on accuracy, compliance, and financial transparency. Our experienced auditors in Singapore ensure that your financial statements meet regulatory requirements while enhancing business credibility.

📞 Contact Us Today
📍 Address: 7500a Beach Rd, #09-324 The Plaza, Singapore 199591
📧 Email: Tommyksh@kohlimaudit.sg
📞 Phone: +65 98638665
🌐 Website: https://kohlimaudit.sg/

Ensure financial accuracy, compliance, and long-term business success with Koh & Lim Audit PAC—your trusted audit firm in Singapore.