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Audit Service

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Independence, Objectivity and Integrity

Give the assurance to shareholders and stakeholders on your financial position.

Why use our Audit Service

Reduce risk of non-compliance and fraud in your company.

Get an un-biased view of your company

Relationships can cause lapse of judgement with stakeholders or shareholders, this can be prevented with an external auditor.

Clarity amongst stakeholders

Great businesses are built on trust. Give transparency and credibility to shareholders and stakeholders of your company.

Reduce risk of non-compliance and fraud

It is difficult for business owners to scrutinise every details and thus there are always chances of fraud within any company.

Audit Service

In Collaboration with LW Ong & Associates LLP Public Accountants & Chartered Accountants 
Being Public Accountants registered with ACRA since 1995, LW Ong & Associates LLP Public Accountants & Chartered Accountants , are required to comply with the Accountants Act and other Auditing regulations such as the Code of Professional Conduct and Ethics. This includes keeping technically up-to-date through continuing professional education and have our audit work inspected under ACRA’s Practice Monitoring Programme (PMP).

As a firm's culture resides in the heart and soul of its people, there is a continual effort to remind, monitor and develop our people on morality, as well as to formalise it in our performance appraisal system.
Our services includes:
Financial Audit
Due Diligence
Forensic Audit
Fraud Investigation
"We strongly agree that LW Ong is an established company with matured and effective system. we are very satisfied with the services provided."
Singapore Edevelopment Pte Ltd
David Ongko, VP corporate & admin
"The team acquired professional knowledge and provide us with helpful advice when need arise. Definitely will recommend their service to others."
JP Pepperdine Group Pte Ltd
Linqing Huang, Accounts executive

Fee Structure

Audit Service
from $1,800

Frequently asked questions for our Audit Services

Do I really need it?

What is audited financial statement?

Audit is an examination of Company’s financial records to ensure the accuracy of financial statements and in accordance with applicable regulations and accounting standards. This statement is helpful when shareholders need to present the financial standings of the Company for greater credibility.

How do I know if my company need audit?

In compliance with the Company Act, a Company is considered to be a small company and can be exempted from audit if it fulfils at least two out of the following three conditions:

1.) The total annual revenue of the company must not exceed S$ 10 million;
2.) The total assets of the company for the financial year end must not exceed S$ 10 million;
3.) The number of full-time employees at the end of the financial year must not exceed 50.

Group companies (holding and subsidiary companies) can also enjoy the audit exemption if they qualify as a small group.

To qualify as a “small group”, the group (comprising of all the companies) must fulfil two out of the following three conditions in the immediate two preceding financial years:

1.) The consolidated revenue must not exceed S$ 10 million;
2.) The consolidated total assets must not exceed S$ 10 million;
3.) The total number of employees of the group must not exceed 50.

Say it differently, for a group to qualify for the audit exemption, the individual subsidiary companies as well as the holding company, as a group, must fulfil the eligibility criteria of a small company.

Role & responsibilities of auditor in Singapore

Auditor is responsible to ensure the Company’s financial statements:

a.) Comply with Singapore Standards on Auditing (SSA) guidelines and requirement
b.) Provide true and fair view of the Company’s financial performance and financial position

Is that a mandatory to appoint Auditor?

If the company is not exempted from audit requirements, the directors need to appoint company’s auditor within 3 months of the company’s incorporation. 

In Singapore, only public accountants or accounting firms approved by the Accounting and Corporate Regulatory Authority (ACRA) can act as company auditors.Companies that are regarded as a “small company” for a particular financial year, or are dormant, are exempt from audit requirements. 

These companies therefore do not need to appoint auditors (or have their financial statements audited) for that financial year.

Why is auditor independence so important?

Independence requires integrity and an objective approach to the audit process. The auditor should be independent from the client company so as to meet the following objectives : 

a.) Reliability of financial information in which is a key aspect of Corporate Governance
b.) Credibility of financial information with a qualified or unqualified audit report
c.) Value for money of audit work 
d.) Threats to professional standard

FMD group started in 1999 with the goal to provide quality service at fair price to assist SMEs in their journey towards success
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