Singapore Expats Forum

Annual filing with ACRA

Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
Michelle Lai
Member
Member
Posts: 37
Joined: Sat, 23 Jun 2012

Annual filing with ACRA

Postby Michelle Lai » Sat, 04 Aug 2012 12:02 am

Dear all,

Understand that for Pte ltd which it's turnover more than 5 million it's exempt private certificate need to be sign by auditor , is this correct ?

If the auditor refuse to sign will he against any law ?

I knew we no need to attach the certificate with ACRA, is that necessary to get auditor' signature ?

Thanks

User avatar
togeorgemathew
Member
Member
Posts: 21
Joined: Mon, 15 Nov 2010
Location: 28 Maxwell Road, #03-05 Red Dot Traffic Building,Singapore
Contact:

Exempt private company / Audit

Postby togeorgemathew » Sun, 05 Aug 2012 11:55 pm

Hi Michelle,

Companies which have turnover in excess of S$5M are no longer in the exempt (from audit) category. They are required to have an audit report on their financial statements.

The auditor can refuse to undertake an audit engagement. They will usually not refuse to sign the audit report unless there is a case of breach of contract. An auditor who finds errors with the company's accounts will partially or fully qualify the accounts, that is state that the accounts are not prepared or verified in a proper manner.

Yes it is necessary to get an auditors signature on your accounts, ACRA does not require it to be uploaded but can ask for the audited statements for verification anytime.

George

Michelle Lai
Member
Member
Posts: 37
Joined: Sat, 23 Jun 2012

Re: Exempt private company / Audit

Postby Michelle Lai » Mon, 06 Aug 2012 12:44 pm

Thanks for your reply George,

What i refer to is the auditor's signature on the Exempt Private Certificate(EPC certificate) ( as advertised on the ACRA website as follow)

Attachment for filing : Table 2 Certificate for annual return :CertificateByanExemptPrivateCompanyundersection197.pdf

Yes, we no need to attach the certificate during lodgement time, is that means that the auditor NOT REQUIRED to sign on EPC certificate for turnover more than 5 million ?

Thanks


togeorgemathew wrote:Hi Michelle,

Companies which have turnover in excess of S$5M are no longer in the exempt (from audit) category. They are required to have an audit report on their financial statements.

The auditor can refuse to undertake an audit engagement. They will usually not refuse to sign the audit report unless there is a case of breach of contract. An auditor who finds errors with the company's accounts will partially or fully qualify the accounts, that is state that the accounts are not prepared or verified in a proper manner.

Yes it is necessary to get an auditors signature on your accounts, ACRA does not require it to be uploaded but can ask for the audited statements for verification anytime.

George

User avatar
togeorgemathew
Member
Member
Posts: 21
Joined: Mon, 15 Nov 2010
Location: 28 Maxwell Road, #03-05 Red Dot Traffic Building,Singapore
Contact:

Postby togeorgemathew » Mon, 06 Aug 2012 2:33 pm

Michelle,

EPC certificate is no longer required by ACRA since 2004.

George

AnthonyC
Member
Member
Posts: 29
Joined: Tue, 14 Jun 2011
Location: Singapore
Contact:

Re: Annual filing with ACRA

Postby AnthonyC » Tue, 09 Oct 2012 4:12 pm

Michelle Lai wrote:Dear all,

Understand that for Pte ltd which it's turnover more than 5 million it's exempt private certificate need to be sign by auditor , is this correct ?

If the auditor refuse to sign will he against any law ?

I knew we no need to attach the certificate with ACRA, is that necessary to get auditor' signature ?

Thanks


Hi Michelle,

Just adding to George's comments above.

In my experience, it is important to choose an auditor carefully. I suggest looking beyond just their fees and instead compare how they will work with your team.

Find out what kind of planning they will offer at the beginning of the financial year, to pick up problems in the accounts before they arise.

I've seen cases where auditors refuse to sign the accounts, but also refuse to collaborate early on and educate the client and other stakeholders.


  • Similar Topics
    Replies
    Views
    Last post

Return to “Business in Singapore”

Who is online

Users browsing this forum: No registered users and 2 guests