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Tel：+86 400 118 5939According to relevant laws and regulations in Singapore, audits of Singaporean companies must be conducted by qualified third-party independent auditing firms (qualifications refer to professional accountants recognized by the Singapore Institute of Certified Public Accountants, commonly known as Singapore licensed accountants). This process inevitably incurs certain audit costs, meaning that Singaporean companies must pay a certain fee to the accounting firm providing the services when hiring an accounting firm to conduct the audit work. For each Singaporean company, the cost of accounting and auditing is the same, and there is no clear quantitative standard. However, there are some principles for everyone to refer to, as follows:
1. The operating income, total bank receipts, or total assets of the company (whichever is higher) displayed in the report, and the expenses in the basic audit expense income statement. If the amount is high, understand the specific details. If the audit workload will be large, the auditor will increase the audit surcharge.
2. The balance sheet displays the data amounts of accounts receivable, accounts payable, other receivables, and other payables. If the amount is high, it will increase audit risk, and auditors will consider increasing audit surcharges; There have been significant changes between the previous year and the current year, and auditors will increase audit surcharges.
3. Is there inventory of goods on the balance sheet? If there is inventory, an inventory report is required, which will increase the workload of auditors and require additional audit fees.
4. If there is a long-term equity investment in the balance sheet, a detailed equity structure diagram is required. Based on the actual situation of the long-term equity investment (such as how many subsidiaries, how many subsidiaries, etc.), if the Singapore company's subsidiary has not issued a consolidated audit report, how many subsidiaries and subsidiaries are there, and the auditor needs to review the audit report or financial statements, it will increase a lot of workload and require additional audit fees.
5. If there are ongoing projects in the balance sheet that require on-site inspection, it will increase the workload and auditors will incur additional audit fees.
6. The inclusion of trading financial assets in financial statements, such as the purchase of stocks, bonds, etc., will increase audit surcharges.
In short, Singaporean companies with inventory, letters of credit, investments, loans, subsidiaries, representative offices, construction in progress, intangible assets, etc. will increase their audit workload and audit fees accordingly. At the same time, the audit fee will also fluctuate up and down based on factors such as data completeness and business processes.
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