Statutory Audit Checklist and Requirements
The statutory audit entails the engagement of a reputable audit firm for an independent assessment of the financial records of a specific company or institution. The role of the auditor in Singapore is to carry out an analysis of the documents and report on whether the financial statements are correct, accurate, and fair and also whether they meet the legal requirements or relevant guidelines as set by the relevant bodies.
The audit report received from the auditors enables the company to guard against any risk and also plan well for the future. In ensuring audited reports are credible, organizations should commit to engaging reputable audit firms such as onestop-ca.com as they have in place a team of experts that are well versed in statutory audit and well capable of delivering quality work despite the type of industry.
The auditor that’s engaged in the task should be able to identify and also report on issues that are likely to emerge from the auditing process. An auditing firm that’s capable of delivering timely reports that not only meet but also exceed the set obligations should be considered. Here are some of the statutory audit checklists and requirements that should be taken into consideration;
Audit Requirements and Checklists
It’s important to note that not all of the companies are required by law to engage in a statutory audit. Those that are classified as small companies are exempted from engaging in auditing. For a company to be exempted from auditing, there are a number of criteria that they should be able to meet, and that depends on the country. The process of a statutory audit is always the same, regardless of the type of company being audited. So in order to execute a statutory audit, the following measures should be taken into consideration;
Plan well and have a schedule
Planning is one of the most significant parts that should be given priority when working on the statutory audit. Ensure that the audit firm chosen to carry out a statutory audit has an in-depth understanding of the company that’s being audited. Instead of picking on individual auditors for statutory audit work, you should consider engaging a reputable firm that has a team of professional auditors.
As a way of helping the auditor, they should be provided with the relevant financial information upfront. Information such as financial statements, shares, stocks, location of company, products, services, processing accounts, and more of such should be included in the audit checklist. The second step should be to have a list of tasks, and those assigned the specific tasks. By having a timetable of the tasks to be undertaken and by whom, it becomes easier to review any existing paperwork in an organized manner.
When you engage a reputable audit firm in Singapore, you can be assured that the reports that you are furnished with after the whole process is over is credible and provides the real financial picture of the organization. Regardless of the type of organization, the audit process covers at least four areas; cash, stocks, receivables, and payables, including statutory records and requirements.