Each year Singapore companies are required to conduct statutory audits. During it, auditors analyze financial transactions of the company to verify their credibility. The Statutory Audits are conducted to reveal frauds, misstatements, or discrepancies in the maintenance of accounting records. As per ACRA, an external auditor is hired to conduct a statutory audit. The external audit report submitted reflects on the true state of the financial affairs of the company. For this reason, the investors, government regulators, creditors and the management of the company use it to make important decisions.
