Satisfy stakeholders such as employees, customers, suppliers and pressure group, as well as the investing community, as to the credibility of published information
Facilitate the payment of corporate tax, good and services tax, and other taxes on time and accurately, thereby avoiding interest, penalties and investigations
Enable them to comply with banking covenants
Help deter and detect material fraud and error
Facilitate the purchase and sale of businesses
Take advantage of the spin-off benefits such as advice on the structure and operations of systems
Demonstrate good corporate governance and citizenship
Q3. Must my company adhere to certain accounting standards for compliance purposes?
Generally, any company incorporated in Singapore must follow the Singapore Financial Reporting Standards. Auditors have a set of accounting standards to adhere to in any set of accounts. However, depending on the nature of the company’s trade, not every standard need be adhered to.
