Audit

• Private Companies:
  All private companies must have their financial statements audited unless they qualify for an audit exemption, ensuring compliance and transparency.
  
  
• Audit Exemption for Private Companies:
  Private companies are exempt from audits if they meet these criteria for two consecutive years:
  • Annual Revenue: Less than SGD 10 million.
  • Total Assets: Under SGD 10 million.
  • Employees: Fewer than 50.
  • Exempt companies must still comply with statutory filing requirements and maintain accurate financial records.

• Audit Scope
  Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
  
  
• Statutory Obligations
  We help businesses navigate regulatory requirements with ease:
  • Annual General Meeting (AGM): Under Section 175 of the Act, companies must hold an AGM—listed companies within 4 months of the financial year-end (FYE) and all other companies within 6 months.
  • Annual Returns (AR): Section 197 requires listed companies to file ARs within 5 months after FYE, while all other companies must do so within 7 months.
  • Corporate Income Tax Filing: Ensure timely submission of your Corporate Income Tax Return (Form C-S/C-S (Lite)/C) to IRAS by 30 November each year to avoid penalties.
    
    
• Audit Report
  Our audit provides an independent and expert opinion on whether your financial statements present a true and fair view in accordance with applicable standards.
  

With Converge, you achieve more than just compliance—you gain assurance in your financial reporting, along with observations and audit findings that can support informed business decisions.

Even if your company is exempt from audits, choosing to undergo one can provide significant advantages that go beyond compliance. Here’s why many businesses opt for voluntary audits:

1. Strengthening Credibility & Business Opportunities
   Audited financials build trust with investors, lenders, and business partners while also meeting the requirements of banks and suppliers that may need audited accounts for loans or credit approvals.
   
   
2. Compliance & Future Growth
   Some government agencies require audits for grants, tenders, and licenses, and having audited financials strengthens a company’s position for mergers, acquisitions, or IPOs.
   
   
3. Enhancing Financial Control & Risk Management
   Audits help uncover financial misstatements, or any inefficiencies while also improving internal controls, reinforcing financial discipline, and enabling better decision-making.
   
   

A voluntary audit isn’t just about compliance— it’s a strategic investment in financial transparency, stability, and long-term success.