ACRA Audit Exemption for Singapore Companies The Accounting and Corporate Regulatory Authority (ACRA) plays a crucial role as Singapore’s corporate regulator, overseeing audit standards and offering exemptions to companies. This article explores the ACRA’s audit requirements for private limited companies in Singapore, highlighting the importance of accounting services to maintain compliance and accuracy. For entrepreneurs, … Read more
IRAS Tax Audit for Singapore Companies: Your Trusted Guide with WLP In Singapore’s competitive business environment, maintaining a clean and accurate tax record isn’t just about legal compliance — it reflects your company’s financial credibility. As the Inland Revenue Authority of Singapore (IRAS) strengthens its oversight, businesses must stay proactive and informed. WLP is here … Read more
Current Areas of GST Audits by IRAS – Under-declaration of Supplies IRAS is actively auditing GST-registered sole proprietors who have failed to report the correct amount of supplies and output tax in their GST returns. Key Considerations: As a GST-registered sole proprietor, you might assume that only one of your businesses is subject to GST. … Read more
Current Areas of GST Tax Audits by IRAS Businesses with Low-Value GST Refund Claims In line with its risk-based compliance strategy, IRAS has initiated an audit programme targeting GST-registered businesses that have made low-value GST refund claims. The aim is to ensure that these businesses comply with GST regulations and that their refund claims are … Read more
Statutory Audit Services in Singapore What is a Statutory Audit? A statutory audit is a mandatory external audit required by law, aimed at ensuring transparency and compliance with regulatory standards. In Singapore, all companies must appoint a qualified auditor within three months of incorporation, unless they meet specific criteria for exemption. This requirement ensures that … Read more
Understanding Group Audits in Singapore What Are Group Audits? A group audit refers to the examination of the consolidated financial statements of a group of companies, which typically includes a parent company and its subsidiaries. These audits are crucial for ensuring the consolidated accounts accurately reflect the overall financial position and performance of the entire … Read more
Gross Turnover Audit (GTO Audit) – Ensuring Compliance and Accuracy A Gross Turnover Audit (GTO Audit) is a specialized audit focused on a Licensee’s gross sales turnover, as outlined in the Lease Agreement for operating a business under the Licensor’s terms in Singapore. This audit is mandatory for retailers and commercial real estate agents in … Read more
Audit Services At WLP, audit services form the foundation of how we serve our clients and the public interest—by fostering trust and confidence in financial reporting. Our multidisciplinary teams deliver high-quality audits that drive transparency, offer value, and consistently provide exceptional service. How WLP Can Support You The audit landscape is changing rapidly—shaped by evolving … Read more
What Happens During a GTO Audit in Singapore? In Singapore, a Gross Turnover (GTO) audit is a targeted audit process designed to verify the accuracy of a tenant’s declared sales revenue. This audit is especially relevant for retail businesses operating in commercial spaces such as shopping malls, where rent is often based partially or entirely … Read more
GST Audit Services in Singapore What is GST in Singapore? Goods and Services Tax (GST) is a consumption tax levied on the supply of goods and services in Singapore, introduced in April 1994. Since then, the rules and regulations have evolved significantly. At WLP, our team of experienced GST specialists ensures your business remains compliant … Read more