Top 5 Things to Look for When Choosing an Audit Firm in Singapore

Choosing the right audit firm in Singapore is more than just a compliance decision—it’s a strategic partnership that can influence your company’s financial health, governance, credibility, and growth. Whether you’re a startup preparing for your first audit or a growing SME seeking better support, your choice of auditor can make a world of difference.

A good audit firm doesn’t just ensure your financials are compliant with Singapore regulations—it also gives you the insights and confidence to run your business more effectively. But with so many audit firms to choose from, how do you pick the right one?

Here are the top 5 things to look for when choosing an audit firm in Singapore:

1. ACRA Registration and Proper Licensing

The first and most important criterion is whether the audit firm is registered with the Accounting and Corporate Regulatory Authority (ACRA). In Singapore, only Public Accountants registered with ACRA can sign off on statutory audits.

Hiring an unlicensed or unqualified firm can result in your audit being rejected by ACRA, IRAS, or investors—leading to costly delays or penalties.

What to look for:

• Is the firm listed on ACRA’s registry of public accountants?

• Does the audit signatory have a valid license?

• Is the firm familiar with the Singapore Financial Reporting Standards (SFRS)?

If the answer is yes to all the above, you can be assured that the audit firm meets the professional requirements to serve Singapore companies.

2. Relevant Industry Experience

Every industry has its own accounting quirks, regulatory obligations, and risk areas. A retail business has very different audit requirements compared to a construction company, tech startup, or charity.

Choosing an audit firm with relevant industry experience ensures they understand:

• Common industry risks and challenges

• Applicable grant or tax schemes

• Regulatory expectations specific to your sector

• Benchmarking for financial performance

For example:

• A construction firm needs an auditor who understands project-based accounting and contract revenue recognition.

• An F&B business benefits from an auditor who can review inventory systems and POS reconciliation.

Questions to ask:

• Have you audited companies in our industry before?

• Can you provide references from similar clients?

• Do you understand sector-specific compliance needs?

An experienced auditor in your industry will save time, spot issues faster, and offer more meaningful recommendations.

3. Value-Added Advice Beyond Compliance

While compliance is the baseline for audit work, great audit firms offer more than just ticking boxes. They go beyond statutory requirements to provide insights that help you improve internal controls, optimise costs, and prepare for growth.

Look for an audit firm that is willing to:

• Highlight financial risks and inefficiencies

• Offer practical suggestions to strengthen internal controls

• Provide benchmarking or industry comparisons

• Assist with grant or loan documentation

• Share tax-saving opportunities or structure advice (in coordination with your tax agent)

A collaborative auditor acts as a business advisor, not just a watchdog. Their feedback can lead to operational improvements that save your business time and money.

4. Responsiveness and Communication

Audits are time-sensitive and require back-and-forth communication between your team and the auditor. An unresponsive audit firm can cause unnecessary stress, missed filing deadlines, or even regulatory penalties.

Your audit firm should have clear lines of communication, transparent timelines, and a proactive attitude.

Consider these signs of a responsive firm:

• Do they assign a dedicated engagement partner or manager?

• Do they respond to emails or calls within a reasonable time?

• Are they clear about deadlines and document requirements?

• Are they willing to explain their findings in a way that’s easy to understand?

A good auditor should make the process efficient and stress-free, especially for SMEs with lean teams and limited resources.

5. Transparent Pricing and No Hidden Fees

Audit pricing varies depending on the size and complexity of your business. While it’s tempting to go for the cheapest quote, you must ensure the pricing structure is transparent and inclusive of all expected work.

Some firms may quote low but charge additional fees for:

• Preparation of financial statements

• Re-audits due to missing documents

• Late submissions or urgent work

• Travel or consultation hours

What to ask upfront:

• Is the quote inclusive of all audit work and reports?

• Are there any additional charges for consultations or advisory?

• What happens if we need to revise financial statements?

• Can you provide a written quotation or engagement letter?

Transparent pricing helps you budget better and avoid disputes later in the engagement.

Bonus Tip: Look for a Long-Term Relationship

Ideally, your audit firm should become a long-term partner, not just a one-time service provider. Working with the same firm over several years allows them to understand your business deeply and tailor their advice accordingly.

This relationship is especially valuable when:

• You expand into new markets

• You apply for financing or grants

• You prepare for a merger or exit

A trusted auditor can guide you through complex transitions and ensure you remain compliant and financially healthy.

Why It Matters: The Consequences of Choosing the Wrong Auditor

Picking the wrong audit firm can result in more than just inconvenience. It can lead to:

• Missed statutory filing deadlines and ACRA penalties

• Audit reports that don’t meet investor or lender expectations

• Misstatements in financials that affect tax filings

• Reputational damage due to audit qualifications or irregularities

In serious cases, poor audits can result in regulatory investigation, especially if your business handles public funds, donations, or government grants.

That’s why it pays to do your homework and choose a firm that takes your audit seriously—and adds value in the process.

Conclusion: Choose Wisely, Grow Confidently

Choosing the right audit firm in Singapore isn’t just about finding someone to sign off on your financials. It’s about building a partnership that supports your business goals while ensuring you stay compliant with Singapore’s strict regulatory standards.

To recap, here are the top 5 things to look for:

1. ACRA registration and licensing

2. Relevant industry experience

3. Value-added advisory beyond compliance

4. Responsive communication and support

5. Clear and transparent pricing

Get these right, and you’ll have an audit partner who not only keeps your business compliant—but helps it grow with clarity and confidence.

Looking for a reliable audit firm in Singapore?
At Koh & Lim Audit PAC, we combine technical expertise with a business-first mindset. Our goal is to deliver audits that are accurate, timely, and insightful—so you can focus on growing your business.

📞 Call us at +65 98638665
📍 Visit us: 7500A Beach Road, #09-324 The Plaza, Singapore 199591
📧 Email: Tommyksh@kohlimaudit.sg
🌐 Website: https://kohlimaudit.sg