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FOZL Knowledge Hub

FOZL Knowledge Hub

Everything you need to know about setting up and succeeding in Singapore

Audit Exemption
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2025/09/05

Audit Exemption

Financial statement audits if they meet the specific requirements of the Singapore Companies Act. However, they are still required to prepare financial statements (and consolidated financial statements, if applicable) that comply with the Companies Act and IFRS.

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Audit process
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2024/11/26

Audit process

The term audit usually refers to financial statement audits. A financial audit is an objective examination and evaluation of an organization's financial statements to ensure that the financial records fairly and accurately reflect the transactions they purport to represent.

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Audit exemption
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2024/11/26

Audit exemption

The following companies that comply with specific provisions of Singapore's Companies Act are exempt from financial statement audits. However, they are still required to prepare financial statements (and consolidated financial statements, if applicable) in accordance with the Companies Act and financial reporting standards.

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Singapore accounting software
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2024/11/26

Singapore accounting software

The Singapore government encourages businesses to adopt digital technologies to improve productivity.

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Why prepare financial reports?
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2024/11/26

Why prepare financial reports?

Why prepare financial reports?

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Accounting audit
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2024/11/13

Accounting audit

Historically, the format of financial reports has varied from country to country, with each nation's financial reporting practices following a set of principles, rules, or conventions evolved from that country's political, legal, economic, and cultural environment.

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