How to conduct an annual audit for a Singapore company?
The annual audit is an important process to ensure that a company complies with Singapore's company regulations and tax regulations. Here are some basic information about the annual audit of a company in Singapore:
The annual review of Singapore companies is mainly carried out in two ways:
1.Hold a general meeting of shareholders.
For a newly established Singapore company, it is required to submit a statement of the company's accounts audited by a Singapore-recognized accountant to explain the company's operations at the first general meeting of shareholders within 18 months.
For non-newly incorporated Singapore companies, a general meeting of shareholders must be held annually at an interval of not more than 15 months.
2.Make annual returns to the Accounting and Corporate Regulatory Authority (ACRA) of Singapore.
Within one month after the general meeting of shareholders, the information formed at the general meeting must be submitted to ACRA for filing, together with the Singapore company's statement of accounts and incorporation documents.
At the same time, the company registration certificate will be renewed, the corresponding fees will be paid, and the annual examination and declaration of the Singapore company will be completed.
When preparing a company's annual report and financial statements, there are a few things to keep in mind:
1.The annual report shall contain the company's business situation, financial situation, operating results, etc., and shall be signed by the chairman of the board.
2.The financial statements should contain a balance sheet, income statement, and cash flow statement and be audited by a certified public accountant.
3.If the company has subsidiaries or affiliates, it is also required to provide relevant consolidated financial statements.
The board of directors of a company that fails to convene a general meeting of shareholders within the prescribed time limit and complete the annual inspection work as required will be prosecuted by the court and fined a certain amount, with a minimum fine of S$300.
Small Singapore companies can apply for exemption from general meetings.
In addition, Singapore companies are required to submit annual financial reports every year to declare the financial operations of Singapore companies, and there will be a minimum fine of S$300 and a maximum of S$900 if overdue.
According to the Singapore Companies Act, a company annual report and financial statements are required to be filed every year, and an audit is also required. In addition, depending on the type of company, other specific materials may also be required.