AM Corp Blog

Singapore recently broke ground on some of the most noteworthy changes to its corporate law in 60 years. New changes in Singaporean corporate law are making some things easier for small companies. Chiefly, this comes in the form of fewer burdensome financial regulations, such as annual financial audits. This is big news for small companies because these audits can be expensive in more ways than one.

Well-organized and accurate financial reports are the guarantee for smooth and effective business operations. Small businesses can use simple bookkeeping software to keep finances under control. But for large or expanding business, keeping track of your finances and doing all taxes will not be a piece of cake. 

In our previous blog we discussed about Audit Exemption for Small Companies in Singapore. In this blog we will discuss the advantages of conducting audit assurance. Business owners should view audit of financial statements as an investment. Even if not required by law, there are numerous advantages of conducting audit assurance.

Before we discuss in detail the benefits of audit, here is a visual summary of the advantages of conducting audit assurance.

ACRA has implemented many key changes in the Companies (Amendment) Act 2014, one of which is Audit Exemption for small companies. The new rule is meant to offer flexibility to small/single companies to have or not to have audit assurance.
New audit exemption has been effective from financial year beginning on or after the change in the law (1^st July, 2015).