In the bustling financial hub of Singapore, the auditing industry holds significant prominence. The Accounting and Corporate Regulatory Authority (ACRA) emphasizes that auditing plays an indispensable role in bolstering the trustworthiness and consistency of a company’s financial disclosures to its stakeholders. This has underscored the paramount importance of auditing services for businesses in the Lion City, ensuring that they maintain transparency, accuracy, and credibility in their financial reports.
Among the numerous auditing firms in Singapore, you might be familiar with the Big Five Accounting Firms: KPMG Singapore, PwC Singapore, EY Singapore, Deloitte Singapore, and Ardent Associates LLP. These distinguished firms offer a wide range of services tailored to meet the diverse needs of businesses operating in various sectors.
With the auditing services of these firms, you will enjoy enhanced financial transparency, improved risk management, and greater confidence in the accuracy of financial statements. Trusting these experts will help ensure your business in Singapore remains compliant and financially healthy, paving the way for continued success.
Key Professional Services Offered by Auditing Firms
When choosing an auditing firm in Singapore, it’s essential to understand the key services they offer. This will help you select the most suitable firm to cater to your business’s unique needs and requirements.
Financial Statement Audits
One of the primary services offered by auditing firms is conducting financial statement audits. These are comprehensive examinations of your company’s financial statements to ensure they are accurate, complete, and in compliance with relevant accounting standards. A financial statement audit will provide assurance to stakeholders that your company’s financial reports are reliable.
Tax Services
Tax compliance and advisory services are critical offerings of auditing firms. They can help you navigate the complex tax landscape in Singapore, ensuring that your company is up-to-date with its tax obligations. With their expertise, these firms can also advise on tax planning strategies to minimize tax liabilities and maximize savings.
Internal Audits
Internal audits are essential for evaluating your company’s internal controls, risk management, and governance processes. Auditing firms can perform these assessments, providing valuable insights and recommendations on areas that need improvement or change. Internal audits can help your company enhance its overall operational efficiency and effectiveness.
Corporate Advisory
Many auditing firms offer corporate and advisory services to aid businesses in various aspects such as mergers and acquisitions, business valuations, and financial due diligence. These services are crucial for companies undergoing significant changes or looking to make critical business decisions. Professional corporate advisory services can make the process smoother and ensure that decisions are well-informed and strategic.
Risk Management
Risk management services offered by auditing firms involve identifying, assessing, and mitigating potential risks that your company may face. This includes financial, operational, and compliance risks. With their expert knowledge, auditing firms can help your organization develop and implement risk management strategies to minimize potential negative impacts on your business.
Factors to Consider When Choosing an Auditing Firm
When choosing an auditing firm in Singapore, there are several factors you should take into account to ensure you select the right one for your business needs.
- Positive References: An audit firm with a strong track record and positive client references can be a good indicator of their expertise and reliability. Don’t hesitate to ask for recommendations from your network or read reviews online.
- Qualification and Credibility: It’s essential to verify that the professionals at the audit firm are qualified and hold the required certifications. Be sure they are members of reputable professional organizations and have relevant experience dealing with local laws and regulations, as mentioned by this source.
- Familiarity with Singapore Taxation Laws: An audit firm with in-depth knowledge of Singapore’s taxation laws can help ensure your tax returns are filed accurately and on time. This expertise can save you from potential fines or penalties due to non-compliance.
- Specialization: Audit firms may specialize in different industry sectors or services. Choosing a firm with experience in your specific industry can be beneficial, as they will have a better understanding of your business operations and can provide tailored advice.
- Size of the Firm: The size of the audit firm can impact the level of personal attention and responsiveness you might receive. While larger firms may have more resources and capabilities, smaller firms can offer a more personalized service. Consider the trade-offs and determine what best suits your needs.
- Fees and Charges: Before engaging an auditing firm, be transparent about your budget and expectations. Compare the fees of different firms and ensure they align with the scope and quality of work you require.
- ACRA Accreditation: In Singapore, audit firms must be registered and accredited with the Accounting and Corporate Regulatory Authority (ACRA). Ensure your chosen audit firm meets this requirement before proceeding.
9 Notable Auditing Firms in Singapore
1. KPMG Singapore
KPMG Singapore is known for its international tax reviews and transfer pricing expertise. With a strong global presence, KPMG provides comprehensive audit, tax, and advisory services in multiple industries. Part of the global network of KPMG International, a Swiss entity, they are renowned for their innovative approach and extensive network of professionals.
Services
- Audit Services
- Taxation
- Corporate Advisory
- Management and Risk Consulting
- Deal Advisory
- Cybersecurity.
Contact Information
- Address: 12 Marina View, #15-01, Asia Square Tower 2, Singapore, 018961
- Website: https://kpmg.com/sg/en/home.html
- Phone: +65 6213 3388
- Social Media:
2. PwC Singapore
PwC Singapore offers top-tier audit, tax, and consulting services to a wide range of clients. As the largest accounting firm in Singapore, PwC boasts 2,500 accountants among its 3,700 employees. It is one of the top accounting firms in Singapore, offering high-quality auditing services, including taxation, consulting, and digital solutions. Managing Partner Yeoh Oon Jin leads the firm and is known for his dedication to quality and client satisfaction.
Services
- Audit and Assurance
- Deals
- Taxation
- Consultancy
- Risk Services
- Data and Analytics
Contact Information
- Address: 7 Straits View, Marina One, East Tower, Level 12, Singapore
- Website: https://www.pwc.com/sg/en.html
- Phone: +65 6236 3388
- Social Media:
3. EY Singapore
Founded in 1849, EY (Ernst & Young) Singapore has secured its reputation as a trusted provider of audit, tax, and advisory services. Led by Managing Partner Max Loh, EY Singapore has a deep commitment to integrity and professionalism in delivering tailor-made solutions for its diverse clientele.
Services
- Audit and Assurance
- Taxation
- Consultancy
- Risk Services
- Legal Services
Contact Information
- Address: North Tower Level 18, 1 Raffles Quay, Singapore
- Website: https://www.ey.com/en_be
- Phone: +65 6535 7777
- Social Media:
4. Deloitte & Touche LLP
Deloitte & Touche LLP is part of Deloitte, one of the Big Four accounting firms in the world. While Deloitte has been in the industry for over 175 years, its Singapore office prides itself on responding to the ever-changing needs of its clients. Specializing in audit, tax, and consulting services, Deloitte frequently appears among Fortune’s Global 500 Companies.
Services
- Audit and Assurance
- Taxation
- Consultancy
- Risk Advisory
- Legal Services
- Financial Advisory
Contact Information
- Address: 6 Shenton Way, OUE Downtown 2 #33-00, Singapore 068809, Singapore
- Website: https://www2.deloitte.com/sg/en/
- Phone: +65 6224 8288
- Social Media:
5. Baker Tilly TFW
Baker Tilly TFW is an independent member of Baker Tilly International, one of the world’s leading networks of independently owned and managed accounting and business advisory firms. With over 30 years of experience in Singapore, the firm offers a comprehensive array of services, including audit, tax advisory, business consulting, and risk management.
Services
- Audit and Assurance
- Taxation
- Corporate Secretarial Services
- Deal Advisory
- Digital Services
- Governance and Risk Services
- Reporting Accountant for Initial Public Offering
Contact Information
- Address: 600 North Bridge Road, #05-01 Parkview Square, Singapore, 1887
- Website: https://www.bakertilly.sg/
- Phone: +65 6336 2828
- Social Media:
6. RSM Singapore
RSM Singapore is the largest firm outside the Big Four, maintaining a strong local presence and providing an extensive range of services for its national and multinational clients. Their dedication to professionalism, coupled with expertise in audit, tax, and advisory solutions, ensures the consistent delivery of high-quality results to meet your organization’s requirements.
Services
- Audit and Assurance
- Taxation
- Business Solutions
- Advisory
- Data Science
- Accounting and Bookkeeping
Contact Information
- Address: 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095
- Website: https://www.rsm.global/singapore/
- Phone: +65 6533 7600
- Social Media:
7. BDO Singapore
As a member of the fifth-largest accounting network worldwide, BDO Singapore offers a unique combination of local expertise and global reach. With a focus on excellence in audit, tax, and advisory services, BDO Singapore is committed to providing tailored solutions for each client’s needs, backed by their vast international resources.
Services
- Audit and Assurance
- Taxation
- Business Advisory
- Corporate Finance
- Business Services and Outsourcing, including accounting and Bookkeeping
Contact Information
- Address: 600 North Bridge Road, #23-01 Parkview Square, Singapore, 188778
- Website: https://www.bdo.com.sg/en-gb/home
- Phone: +65 6828 9118
- Social Media:
8. FOO KON TAN LLP
Founded in 1968, FOO KON TAN is another established and respectable accounting firm in Singapore. It is a firm with deep roots in the Singapore business community, forging a reputation for excellence in audit, tax, and advisory services. Their commitment to technical expertise and personalized service offers you the assurance of a partnership built on trust, competence, and integrity.
Services
- Audit and Assurance
- Tax Advisory and Compliance
- Advisory
- Business Software Solutions
- Quality Controls
- International Business
Contact Information
- Address: 1 Raffles Place, #04-61 One Raffles Place Tower 2, Singapore 048616
- Website: https://www.fookontan.com/
- Phone: +65 6336 3355
- Social Media:
9. Nexia TS Public Accounting Corporation
Nexia TS Public Accounting Corporation is a member of Nexia International, a leading global network of independent accounting and consulting firms. Founded in 1993 by chartered accountants Henry Tan and Sitoh Yih Pin, it is an ACRA-registered firm that has been operating for 18 years in Singapore.
With a diverse portfolio of clients ranging from startups to multinational corporations, Nexia TS combines local knowledge with international standards to deliver high-quality services in audit, tax, and advisory solutions.
Services
- Audit and Assurance
- IFRS
- Integrated Reporting
- Taxation
- Transfer Pricing
- Private Wealth
- Risk and Legal Advisory
Contact Information
- Address: 120 Robinson Road, 16-01, Singapore 068913
- Website: https://nexia.com/
- Phone: +65 6336 8772
- Social Media:
Emerging Trends in Auditing in Singapore
Technology-Driven Auditing Processes
In recent years, technology has played a crucial role in the evolution of auditing processes in Singapore. According to the Information Systems Audit and Control Association (ISACA), enterprises are adopting emerging technologies at a rapid pace to create synergies and harness the latest technologies. As such, the use of advanced software and automation tools, bolstered by these rapid advancements, has greatly improved the efficiency and accuracy of auditing tasks.
Focus on Sustainability and Environmental Auditing
As environmental concerns gain more prominence globally, Singapore’s auditing firms are taking note. In response, there is a growing demand for sustainability and environmental auditing services. In this area, the role of auditors will include evaluating a company’s environmental management systems, verifying their sustainability reports, and assessing their compliance with environmental regulations.
Impact of Regulatory Changes on Auditing Practices
Changes in regulations have significant implications for auditing practices in Singapore. With the introduction of new accounting standards and guidelines, accredited auditing firms will have to stay abreast of these developments to ensure compliance.
Related: Top Financial Companies in Singapore and Independent Financial Advisers in Singapore
Conclusion
Navigating the complex financial landscape of Singapore demands not only astute financial choices but also partnering with the right auditing firm. For businesses aiming for enduring success in this dynamic market, aligning with a reputable auditing firm from this guide can serve as the keystone to a solid financial foundation.
Key Takeaways:
- Some of the largest and most well-known auditing firms in Singapore include PWC, EY, KPMG, and Deloitte. These firms are part of the prestigious Big Four, providing a wide range of auditing and consulting services.
- Many of these top firms have a significant international network, enabling them to cater to diverse client needs across different industries and regions.
- In selecting an auditing firm, it is essential to consider the professional capabilities and industry know-how they possess.
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