Different types of audit services provided by the audit firms of Singapore

Audit basically means an examination of accounts done by audit firms in Singapore in order to finally frame an opinion on the financial statements of a company or an organization. The audit is probably a kind of attestation function discharged by the chartered accountants after drawing reasonable conclusions from the substantive check of the company's accounts. An auditor can frame different kinds of opinions wherein he may qualify the financial statements, he may give a disclaimer by refraining from giving an opinion on the financial statements, or he may also give an adverse opinion. Let us discuss different kinds of audit services Singapore that audit firms in Singapore provide which are discussed below:

Statutory Audit

In case of statutory audit, the auditor is required to give a certain degree of assurance to all the concerned stakeholders and the users of financial information as regards the sanctity of the figures reflected in the financial statements. The auditor in this kind of audit assignment usually signs on the financial statements of the company after carrying out necessary audit tests and procedures to gain sufficient audit evidence in favor of the accounts balances are shown at the close of the accounting year. The reporting under the statutory framework is in accordance with reporting format prescribed by the companies act.

Internal Audit

This special kind of audit is entrusted by the board of directors of a company to the firm of chartered accountants for reporting on the existence of internal controls and to what extent such controls are effective in preventing or detecting an objectionable transaction. The internal audit is largely concerned with finding anomalies in the company’s reporting framework, which is directly reported by the auditor to the management of the company. Here, the reporting is made in the set formats of the management.

Inventory Audit

A yet another kind of audit is the inventory audit primarily done to assess the relevant aspects of inventory shown in the books as compared to the inventory physically present at several warehouses and locations of the company. The inventory audit aims to figure out slow-moving and non-moving items. The inventory audit is also concerned about the variances or material departures observed when physical stock is compared with the inventory reflected from the books of accounts.

Concurrent Audit

This kind of audit is done only for a bank branch, its regional or zonal offices. This audit is slightly different from the conventional audits as the entire reporting parameters are governed by the rules laid down by the central bank of the country. This audit requires the branch auditor to report on the CASA ratio, excessive drawing of cash, or non-compliance of provisioning norms.

Revenue Audit

Several public sector companies are governed by government departments and their senior officials, hence to oversee multiple aspects associated with the revenue shown by the public sector companies, revenue audit is done wherein the auditor is appointed by the Comptroller and Auditor General of the country. This special audit is in line with the statutory requirement of getting statutory audit done as per the laws in force.

The above discussed audit services Singapore reveal that chartered accountants based in Singapore either individually or through an audit firm provides a wide array of audit services to corporations or public sector companies as a direct consequence of their promise to the society.

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Created on Jun 23rd 2021 03:52. Viewed 396 times.

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