Key Services Offered by Audit Firms in Singapore You Should Know About

Singapore is one of the most trusted financial hubs in the world. With its reputation for transparency, sound regulations, and pro-business policies, the city-state attracts thousands of local and international companies. But with opportunity also comes responsibility—every company is expected to maintain proper books of accounts, comply with statutory requirements, and present clear, accurate financial information to regulators and stakeholders.

This is where audit firms come in. In Singapore, audit firms are not only about ticking the statutory audit box once a year. They offer a broad range of services that help businesses of all sizes—from SMEs to large corporations—stay compliant, manage risk, and plan for growth.

Below we explore the key services offered by audit firms in Singapore that every business owner should know about.

1. Statutory Audits

At the heart of an audit firm’s work is the statutory audit. Under the Singapore Companies Act, many companies must have their financial statements audited annually. Even if your company qualifies for an audit exemption, many businesses still choose to undergo an audit to boost credibility with banks, investors, and government agencies.

A statutory audit typically involves:

Examining financial statements prepared in accordance with the Singapore Financial Reporting Standards (SFRS).
Checking compliance with the Companies Act and other applicable regulations.
Providing an independent opinion on whether the financial statements give a true and fair view of the company’s financial position.

This service reassures shareholders and stakeholders that the numbers are accurate and reliable.

2. Special Purpose and Non-Statutory Audits

Beyond statutory audits, audit firms in Singapore also perform special purpose or non-statutory audits. These are designed to meet specific needs such as:

Grant audits for companies applying for government funding, where audited statements are required by agencies like Enterprise Singapore.
Turnover or revenue audits to verify figures for rental agreements or franchise fees.
Project audits for construction, engineering, or non-profit organisations to ensure funds are used as intended.

These audits provide independent verification tailored to particular contracts or requirements.

3. Review Engagements

Sometimes, a full audit may not be necessary but stakeholders still want a level of assurance over financial statements. In such cases, an audit firm can conduct a review engagement.

This involves:

Performing limited procedures to identify material misstatements.
Providing negative assurance (stating nothing has come to the auditor’s attention to indicate misstatement).
Offering a cost-effective option for businesses that don’t need a full audit but still want independent checks.

4. Internal Audits

Internal audits go beyond statutory compliance. They assess the effectiveness of your company’s internal controls, risk management, and governance processes.

Key benefits of internal audits include:

Identifying operational inefficiencies.
Detecting potential fraud or misappropriation early.
Ensuring policies and procedures are followed across departments.

Many audit firms in Singapore offer outsourced internal audit services—particularly valuable for SMEs without in-house audit teams.

5. Risk Management and Advisory

Good audit firms are also risk specialists. They can help your business identify and mitigate risks before they escalate. Risk advisory services may include:

Mapping out key operational, financial, and compliance risks.
Developing risk control frameworks.
Advising on business continuity plans and crisis management.

By engaging your audit firm as a risk advisor, you strengthen your business resilience in a rapidly changing environment.

6. Agreed-Upon Procedures (AUP) Engagements

Sometimes, a client may want an auditor to perform specific checks without issuing a full opinion. Audit firms offer AUP engagements, where they perform procedures agreed with the client and report factual findings.

Examples include:

Verifying inventory quantities at a specific date.
Checking compliance with loan covenants.
Confirming revenue figures for a one-off transaction.

These engagements give businesses targeted assurance for special situations.

7. Financial Due Diligence for Mergers & Acquisitions

When buying or investing in a business, financial due diligence is critical. Audit firms in Singapore provide:

Analysis of historical financial statements.
Assessment of revenue quality and expense trends.
Identification of off-balance sheet liabilities.
Evaluation of working capital needs.

This service gives acquirers a clear picture of the target company’s financial health before making major decisions.

8. Consolidation and Group Reporting

As businesses grow, they often establish multiple subsidiaries. Consolidating accounts for group reporting can be complex. Audit firms help by:

Ensuring consistency across entities and countries.
Preparing consolidated financial statements in compliance with SFRS.
Coordinating audits across different jurisdictions.

This is invaluable for groups with regional or international operations.

9. Compliance with Sector-Specific Regulations

Different industries have unique compliance requirements. A strong audit firm in Singapore understands these and tailors its approach accordingly:

Construction & engineering – project revenue recognition, cost allocation.
Retail & F&B – gross turnover audits for rental agreements.
Charities & non-profits – reporting to the Commissioner of Charities.
MCSTs & property management – annual fund audits and reporting to owners.

Such specialisation saves time and ensures reporting meets sector expectations.

10. Advisory on Accounting Standards and Policies

Audit firms don’t just audit; they also advise on the application of accounting standards. This includes:

Helping companies adopt new or revised standards.
Advising on complex areas like leases, revenue recognition, and financial instruments.
Providing guidance to ensure policies remain compliant and consistent year after year.

This proactive support reduces the risk of misstatements and surprises during the audit.

11. Preparation for IPOs or Fundraising

For businesses planning to list on the Singapore Exchange (SGX) or raise significant capital, audit firms offer pre-IPO and fundraising preparation services. They can:

Assess whether your financial reporting systems meet listing requirements.
Conduct mock audits to identify issues early.
Advise on strengthening internal controls and governance to meet investor expectations.

Having an experienced audit partner during this stage increases the likelihood of a smooth listing or funding round.

12. Tax-Related Support Through Accurate Accounts

While audit firms are distinct from tax agents, their work underpins accurate tax filings. By ensuring that revenue, expenses, and provisions are correctly recorded, audit firms help:

Reduce risk of tax penalties.
Align audited financial statements with IRAS submissions.
Provide supporting schedules for tax agents or in-house finance teams.

This integration streamlines compliance with both ACRA and IRAS.

13. Training and Knowledge Transfer

Many audit firms in Singapore go beyond service delivery to educate their clients. They may offer:

Workshops on preparing for audits.
Training sessions on new SFRS updates.
Guidance on building stronger bookkeeping practices.

This knowledge transfer empowers your staff to manage compliance more effectively year-round.

14. Confidentiality and Data Security

Because audit firms handle sensitive information, confidentiality is a cornerstone of their service. Reputable firms:

Follow the Personal Data Protection Act (PDPA).
Restrict access to client information to authorised personnel.
Use secure systems to transmit and store data.

This gives business owners peace of mind when sharing critical financial data.

15. Scalability of Services

Finally, a key advantage of working with an audit firm is scalability. As your business grows, your audit partner can expand its services to include group audits, overseas operations, and advisory on complex transactions. This continuity saves time and ensures consistency year after year.

Why These Services Matter

Each of these services supports your business at a different stage of its lifecycle:

Start-ups and SMEs rely on statutory audits and grant audits to build credibility.
Growing companies benefit from internal audits, risk advisory, and consolidation support.
Mature businesses preparing for IPOs or M&A use due diligence and pre-listing services.

By understanding what audit firms can offer, you can make better use of their expertise to strengthen your compliance, controls, and growth strategy.

Conclusion

In Singapore’s highly regulated and competitive business environment, audit firms do far more than statutory audits. They provide a comprehensive suite of services—special purpose audits, internal audits, risk advisory, due diligence, consolidation, industry-specific compliance, and more—that help businesses stay compliant, transparent, and investor-ready.

By engaging the right audit firm and making full use of its services, you not only meet your statutory obligations but also gain valuable insights to improve your operations and plan for long-term success.