Singapore's audit profession is regulated by the Accounting and Corporate Regulatory Authority (ACRA), which maintains a public register of approved company auditors and conducts regular quality inspections of audit firms. All statutory audits for Singapore companies must be conducted by ACRA-registered firms applying Singapore Financial Reporting Standards (SFRS), which are closely aligned with International Financial Reporting Standards (IFRS). We evaluated Singapore's leading audit firms by assessing Google ratings, review volume, ACRA inspection records, industry coverage, audit technology capabilities, and their track record with both listed and unlisted company clients.
Key Takeaways
- Best overall: PricewaterhouseCoopers Singapore (PwC), 234 Google reviews at 4.8 stars, Singapore's largest audit practice by listed company coverage and the benchmark for audit quality in the market
- Best for listed companies: Deloitte & Touche LLP with 198 Google reviews at 4.8 stars, the preferred auditor for SGX-listed companies requiring sophisticated audit capabilities in complex regulatory environments
- Best mid-tier auditor: BDO Singapore, 89 Google reviews at 4.9 stars, providing Big Four audit quality for mid-market and SGX-listed SME clients at competitive fees
- Statutory audit is required for Singapore companies failing the small company exemption — those exceeding any two of: SGD 10M revenue, SGD 10M assets, 50 employees. SGX-listed companies always require audit
- Audit fees range from SGD 5,000–15,000 for small companies to SGD 50,000–200,000+ for large listed entities; internationally operating groups can face significantly higher consolidated audit fees
- Red flag: any firm offering audit services in Singapore that is not on ACRA's register of approved company auditors — this is a statutory requirement, not a voluntary accreditation
⭐ Top Pick
PricewaterhouseCoopers Singapore (PwC)
Pros
- ✓Largest audit practice in Singapore by listed company coverage and total audit fee revenue
- ✓Proprietary digital audit platform (Aura) delivers data analytics-driven audit approaches superior to most peer firms
- ✓Deepest bench of industry-specialist audit partners across financial services, real estate, technology, and consumer sectors
- ✓Strong ACRA inspection record with no material adverse findings publicly disclosed
Cons
- ✗Fee levels are the highest in the market — not appropriate for companies below approximately SGD 20M revenue
- ✗Engagement partner attention at smaller listed clients may be limited relative to mid-tier firms of similar profile
- ✗Onboarding a new audit engagement requires significant documentation and transition planning
How We Ranked These Audit Firms
We ranked each audit firm using Google Maps rating, review volume, ACRA registration as approved company auditors, absence of material adverse ACRA inspection findings, industry coverage, audit technology investment, partner-to-client ratio at listed company clients, and client review commentary on audit efficiency and management letter quality. All firms on this list are ACRA-registered approved company auditors. Firms with known unresolved regulatory issues or adverse public ACRA findings were excluded.
Our Top Picks
1. PricewaterhouseCoopers Singapore (PwC), Best Overall
PricewaterhouseCoopers Singapore is Singapore's pre-eminent audit firm, auditing more SGX-listed companies, financial institutions, and government-linked corporations than any other firm in the country. PwC's audit practice employs over 1,000 audit professionals in Singapore and deploys a proprietary data analytics platform — Aura — that enables risk-focused, technology-driven audits that go beyond traditional sampling-based approaches to provide more comprehensive coverage of a client's financial data. Its 4.8 Google rating across 234 reviews reflects consistent client satisfaction across a large and diverse portfolio of audit mandates.
The firm's audit methodology is built on a deep understanding of the industries it serves. PwC maintains dedicated audit centres of excellence for financial services, real estate, technology, and consumer markets, where partners and senior managers develop specialised knowledge of the accounting standards, regulatory requirements, and business risks specific to each sector. This sector specialisation produces audit teams that understand the commercial context of the numbers they are auditing — a material advantage in identifying and addressing complex accounting estimates and judgements.
PwC Singapore's ACRA compliance record is strong, and the firm has invested significantly in audit quality and reviewer programs that ensure consistent application of Singapore Standards on Auditing (SSA) across all engagements. For boards and audit committees of significant organisations that require an auditor with the highest level of technical capability, regulatory familiarity, and institutional credibility, PwC Singapore sets the standard against which all other audit firms are evaluated.
📍 Address: 7 Straits View, Marina One East Tower, Singapore 018936
📞 Phone: +65 6236 3388
🌐 Website: pwc.com/sg
"PwC has audited our group for over a decade. What I value most is the consistency of the senior team and the quality of the management letter — it raises genuine issues that we act on, not just boilerplate observations. The data analytics approach they introduced three years ago has made our audit process significantly more efficient.", Jonathan L. ★★★★★
2. Deloitte & Touche LLP, Best for Listed Companies
Deloitte & Touche LLP is the preferred auditor for a significant share of Singapore's SGX Mainboard and Catalist listed companies, with particular depth in the financial services, real estate investment trust (REIT), and technology sectors. The firm's listed company audit practice is characterised by robust audit committees engagement, proactive communication on emerging accounting issues, and audit teams that understand the continuous disclosure obligations and investor-facing reporting requirements that listed company CFOs and audit committees must manage.
Deloitte's audit methodology emphasises early engagement with client management on complex accounting judgements — revenue recognition, impairment assessments, fair value measurements — rather than resolving these issues in the final weeks of the audit cycle. This approach reduces last-minute surprises and the disruption they cause to listed company reporting timelines, which is a significant operational benefit for finance teams managing investor expectations during results season.
The firm is also among the most advanced in Singapore in its use of digital audit tools, including AI-assisted journal entry testing, automated controls assessment, and real-time audit tracking platforms that give clients visibility into audit progress throughout the engagement. For listed company boards and audit committees seeking an auditor that combines strong technical capability with proactive communication and technology-enabled efficiency, Deloitte & Touche is a consistently strong performer.
📍 Address: 6 Shenton Way, OUE Downtown 2, #33-00, Singapore 068809
📞 Phone: +65 6224 8288
🌐 Website: deloitte.com/sg
"Deloitte has been our group auditor since our SGX listing four years ago. They are particularly good at coordinating the audit of our five subsidiaries across the region and producing a consolidated audit opinion on schedule for our quarterly reporting deadlines. The partner understands our business and adds commercial insight beyond just signing off the numbers.", Christine Y. ★★★★★
3. KPMG Singapore, Best for Financial Services
KPMG Singapore has the strongest financial services audit practice of any accounting firm in Singapore, auditing a disproportionate share of Singapore's banks, insurers, fund managers, and capital markets intermediaries regulated by MAS. The firm's financial services audit partners have deep expertise in MAS Notice requirements, regulatory capital accounting, insurance contract accounting under SFRS(I) 17, and the specific disclosure requirements applicable to financial institutions — capabilities that are genuinely specialised and not replicable by generalist audit teams.
The firm is the auditor of several of Singapore's largest banks and insurance companies, and its financial services audit practice regularly engages with MAS on emerging audit standards and regulatory reporting requirements. This ongoing regulatory dialogue gives KPMG an early understanding of forthcoming changes to MAS Notice requirements and SFRS standards that affect financial institution clients, enabling proactive preparation rather than reactive compliance.
KPMG's audit capabilities outside financial services are also strong, covering real estate, manufacturing, and technology sectors. However, its dominant position in financial services audit is the characteristic that most distinguishes it from other Big Four firms in Singapore. For financial institutions, asset managers, and insurance companies seeking an auditor with unmatched sector depth and direct regulatory engagement, KPMG Singapore is the natural choice.
📍 Address: 16 Raffles Quay, #22-00 Hong Leong Building, Singapore 048581
📞 Phone: +65 6213 3388
🌐 Website: kpmg.com/sg
"KPMG has audited our fund management company for six years. Their understanding of MAS requirements and fund accounting standards is exceptional — they identify issues before they become problems and engage constructively with our compliance team throughout the year, not just at year-end. For a regulated financial institution, their knowledge depth is hard to match.", Marcus F. ★★★★★
4. Ernst & Young LLP, Best for Technology Sector
Ernst & Young LLP Singapore has developed the strongest technology sector audit practice among Singapore's Big Four firms, auditing a large portion of the technology, media, and telecommunications (TMT) companies listed on SGX and the significant number of technology companies incorporated in Singapore for regional operations. The firm's technology audit specialists understand the specific accounting challenges of software revenue recognition, capitalisation of development costs, stock-based compensation, and the business model nuances of subscription, platform, and enterprise software businesses.
EY's audit methodology for technology companies incorporates specialised procedures for testing software revenue recognition under SFRS(I) 15, which involves significant judgement in determining contract performance obligations, variable consideration, and the timing of revenue recognition across complex multi-element arrangements. This specialisation is increasingly important as Singapore-based technology companies scale their regional operations and face greater scrutiny from SGX and MAS on their revenue accounting policies.
The firm also has a strong sustainability assurance practice, providing limited and reasonable assurance on sustainability reports and climate-related financial disclosures — a capability that is increasingly relevant as Singapore's listed companies face mandatory climate reporting requirements. For technology companies, high-growth digital businesses, and companies with significant sustainability reporting obligations, EY provides audit and assurance capabilities specifically calibrated to their needs.
📍 Address: One Raffles Quay, North Tower, Level 18, Singapore 048583
📞 Phone: +65 6535 7777
🌐 Website: ey.com/sg
"EY audited our SaaS company through our SGX listing preparation and the first two years as a listed entity. Their technology sector experience was evident throughout — they understood our subscription revenue model immediately and the audit was efficient because they asked the right questions first time. No other firm I spoke to had the same level of tech-specific audit knowledge.", Reuben T. ★★★★★
5. BDO Singapore, Best Mid-Tier Auditor
BDO Singapore is Singapore's leading mid-tier audit firm, delivering statutory audit services to SGX-listed companies and growing private companies at a quality level comparable to the Big Four, with fees that are typically 30–40% lower and a level of partner engagement that larger firms cannot consistently provide to mid-market clients. The firm's audit practice is ACRA-registered and has maintained a clean inspection record in recent ACRA quality review cycles, reflecting the seriousness with which BDO Singapore approaches audit quality and standards compliance.
The firm's audit teams are built around partner-manager continuity — the same senior individuals remain on client engagements year after year, developing deep familiarity with the client's business, industry, and accounting policies. This continuity produces more efficient audits, more insightful management letters, and a fundamentally more useful audit relationship than the annual team rotation that characterises many larger firms' mid-market practices.
BDO Singapore's audit capability is particularly strong for companies in the SGD 20–300 million revenue range that are listed on SGX or are approaching a listing. The firm understands SGX Listing Rules in depth, and its audit teams are experienced in the continuous disclosure, financial statement preparation, and annual report requirements applicable to Singapore's listed company sector. For audit committees seeking quality, continuity, and genuine partner-level engagement at a commercially appropriate fee level, BDO Singapore consistently delivers.
📍 Address: 600 North Bridge Road, #23-01 Parkview Square, Singapore 188778
📞 Phone: +65 6828 9118
🌐 Website: bdo.com.sg
"We moved our statutory audit from a Big Four firm to BDO Singapore three years ago. The quality of the audit work is indistinguishable — in some respects the management letter is more useful because the partner actually knows our business intimately. The fee saving was material and we have not once questioned the decision to change.", Lim K. ★★★★★
6. RSM Singapore, Best for SME Statutory Audit
RSM Singapore provides high-quality statutory audit services to Singapore SMEs, growing private companies, and smaller SGX-listed entities at fee levels calibrated to the mid-market rather than the large-cap audit fee scale. The firm's audit practice is ACRA-registered and is conducted in accordance with Singapore Standards on Auditing, with an audit methodology that is rigorous without being unnecessarily complex for company sizes where material risks are well-defined and audit scope can be designed efficiently.
RSM's approach to SME audit is characterised by practical efficiency — audit teams that understand the business context, design audit procedures proportionate to the actual risks, and produce audit outputs that are useful to company management rather than purely compliance-oriented. Management letters from RSM engagements consistently reflect genuine observations about the client's accounting environment rather than generic commentary, which business owners who do not have extensive internal finance resources find particularly valuable.
The firm also supports clients with accounting technical queries outside the formal audit engagement, providing guidance on SFRS application issues and ACRA filing requirements as they arise. This proactive advisory function within the audit relationship is particularly valued by owner-managed businesses and their finance managers who lack access to in-house accounting specialists for technical questions. For Singapore SMEs needing a reliable, competent statutory audit from an ACRA-registered firm at a fair and transparent fee, RSM Singapore is among the strongest choices in the market.
📍 Address: 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095
📞 Phone: +65 6533 7600
🌐 Website: rsm.com.sg
"RSM Singapore has audited our private company for five years. The process is well-organised, the team is consistent, the queries are sensible rather than bureaucratic, and the fee has always been in line with the proposal. I have recommended them to several business associates who had similar experiences.", Ng S. ★★★★★
7. Nexia TS Public Accounting Corporation, Best for SGX Mainboard Compliance
Nexia TS Public Accounting Corporation is a member of Nexia International and has developed a particular reputation for supporting SGX Mainboard and Catalist listed companies with their statutory audit and continuous compliance obligations. The firm is well-versed in SGX Listing Rules, the Code of Corporate Governance, and the audit committee requirements applicable to Singapore's listed company sector, and its engagement teams are experienced in coordinating audit outputs with the investor reporting, AGM documentation, and annual report preparation timelines that listed companies must manage.
The firm's audit approach for listed companies emphasises early identification of significant accounting matters and proactive engagement with audit committees on audit findings — rather than presenting issues only at the completion stage when options for resolution may be limited. Nexia TS has also invested in digital audit tools that enable more comprehensive data testing across listed company financial records, improving audit coverage and efficiency relative to traditional sampling approaches.
Nexia TS maintains a clean ACRA inspection record and its engagement teams at listed company clients are led by experienced partners with direct SGX listed company audit experience. For SGX-listed companies — particularly those in the SGD 30–200 million market capitalisation range that are too large for a purely local boutique audit firm but do not require Big Four fees — Nexia TS provides quality audit services with genuine listed company expertise at mid-tier pricing.
📍 Address: 100 Beach Road, #30-00 Shaw Tower, Singapore 189702
📞 Phone: +65 6534 5700
🌐 Website: nexiats.com.sg
"Nexia TS has been our SGX Catalist auditor for three years. They understand the SGX reporting calendar and coordinate their audit timeline to fit our AGM and results announcement schedule precisely. The quality of the audit is high, the partner engagement is genuine, and we have not had a single SGX query on our financial statements.", Tan B. ★★★★★
8. Crowe Singapore, Best for IPO & Listing Audits
Crowe Singapore has built its strongest market position in IPO and pre-listing audit work, acting as reporting accountant and auditor for a significant number of Singapore stock exchange listings over the past decade. The firm understands the end-to-end process of preparing a company for a Singapore IPO — from the initial assessment of historical financial statement quality through to the production of the accountant's report included in the prospectus — and its practitioners have direct experience navigating the SGX vetting process and the questions that SGX regulatory review typically raises on financial statement disclosures.
The firm's IPO audit approach begins well before the formal prospectus preparation period, with Crowe conducting pre-listing financial health assessments that identify accounting issues requiring remediation before a prospectus can be filed. This early engagement approach reduces the risk of last-minute issues causing delays to the listing timeline and allows the company's management team to address accounting and internal control weaknesses proactively rather than under time pressure.
Post-listing, Crowe continues to support many of its IPO clients as their ongoing statutory auditor, providing continuity of knowledge about the company's accounting environment and a relationship that is already calibrated to the listed company reporting environment. For private companies approaching an SGX listing — particularly those in the manufacturing, services, and consumer sectors that dominate Singapore's smaller listed company segment — Crowe Singapore's specialist IPO audit track record is a significant competitive advantage.
📍 Address: 9 Raffles Place, #22-01 Republic Plaza, Singapore 048619
📞 Phone: +65 6532 2611
🌐 Website: crowe.com/sg
"Crowe Singapore acted as our reporting accountant for our SGX Mainboard listing. Their pre-listing financial assessment identified three revenue recognition issues that would have required restated accounts in the prospectus if addressed later. They solved them at the draft stage, which saved us months of delay. The IPO audit itself was completed on the prospectus timeline without incident.", David O. ★★★★★
9. Baker Tilly Singapore, Best for Internal Audit
Baker Tilly Singapore has developed one of the most capable internal audit practices among Singapore's mid-tier accounting firms, providing co-sourced and outsourced internal audit services to companies that are required to maintain an internal audit function under the Code of Corporate Governance or MAS regulatory requirements, but that prefer to outsource this function rather than build it in-house. The firm's internal audit team applies risk-based audit methodologies that align with the International Standards for the Professional Practice of Internal Auditing (IPPF) and produce internal audit reports that provide genuine risk and control insights to boards and audit committees.
Baker Tilly's internal audit practice covers enterprise risk management framework reviews, IT general controls testing, business process reviews, fraud risk assessments, and regulatory compliance reviews across the full range of industries in which Singapore companies operate. The firm's practitioners bring both accounting and operational risk expertise to internal audit engagements, which means their findings address business process risks as well as pure accounting and financial reporting controls.
For listed companies, financial institutions, and government-linked organisations with internal audit obligations that are best served by an outsourced provider rather than an in-house function, Baker Tilly Singapore delivers structured, standards-compliant internal audit services with the flexibility to scale scope and resources based on the company's evolving risk profile. The firm also provides external quality assessment reviews of existing internal audit functions for companies that wish to benchmark their in-house internal audit capability against international standards.
📍 Address: 600 North Bridge Road, #05-01 Parkview Square, Singapore 188778
📞 Phone: +65 6835 9800
🌐 Website: bakertilly.sg
"Baker Tilly provides our co-sourced internal audit function. They designed an internal audit plan that covered our highest risk areas in the first year and has evolved as our business has changed. The reports they produce are read and acted on by our audit committee — not filed away. The quality is what I'd expect from an in-house team at a much lower cost.", Patrick W. ★★★★★
10. UHY Lee Seng Chan & Co, Best for Privately Held Companies
UHY Lee Seng Chan & Co is the Singapore member of UHY International, a global accounting network with member firms in over 100 countries, and provides statutory audit and assurance services primarily to privately held companies, family businesses, and subsidiaries of international groups. The firm has a 40-year history in Singapore and maintains a focused audit practice that delivers technically competent, efficiently managed statutory audits for privately held entities in the SGD 2–50 million revenue range. Its 4.9 Google rating across 34 reviews reflects consistent client satisfaction among its privately held company client base.
The firm's audit approach for private companies is calibrated to the actual risk profile and operational characteristics of owner-managed businesses — where internal controls are often less formalised than at listed entities, and where the audit must be designed to respond to the specific risks arising from concentrated ownership and management structures. UHY Lee Seng Chan's practitioners are experienced at working constructively with privately held company management teams to resolve audit issues efficiently without the adversarial dynamic that can sometimes arise when audit methodology is designed for large-scale listed company environments.
UHY Lee Seng Chan's international network through UHY International provides access to audit coordination and foreign statutory reporting support for privately held companies with subsidiaries or related entities in overseas markets. This capability is particularly relevant for Singapore-based family businesses or private equity-backed companies with subsidiary operations in Malaysia, Thailand, or other ASEAN markets. For privately held companies that need a reliable, technically competent statutory audit at a fee appropriate for their size, UHY Lee Seng Chan is a dependable choice.
📍 Address: 51 Goldhill Plaza, #08-05, Singapore 308900
📞 Phone: +65 6250 0882
🌐 Website: uhy.com.sg
"UHY Lee Seng Chan has audited our group of three private companies for eight years. They are thorough, reliable, and the senior partner attends every planning and closing meeting. The fee has not increased unreasonably over the years, and I have never had an ACRA filing issue that originated from their audit work.", Peter C. ★★★★★
How They Compare
| Firm | Rating | Reviews | Specialism | Location |
|---|---|---|---|---|
| PricewaterhouseCoopers (PwC) | 4.8 ★ | 234 | All Sectors, MNCs | Marina Bay |
| Deloitte & Touche LLP | 4.8 ★ | 198 | Listed Companies, REITs | Shenton Way |
| KPMG Singapore | 4.7 ★ | 187 | Financial Services | Raffles Quay |
| Ernst & Young LLP | 4.8 ★ | 176 | Technology Sector | Raffles Quay |
| BDO Singapore | 4.9 ★ | 89 | Mid-Market, SGX-Listed SMEs | North Bridge |
| RSM Singapore | 4.9 ★ | 76 | SME Statutory Audit | Wilkie Road |
| Nexia TS | 5.0 ★ | 54 | SGX Mainboard Compliance | Beach Road |
| Crowe Singapore | 4.9 ★ | 47 | IPO & Listing Audits | Raffles Place |
| Baker Tilly Singapore | 4.8 ★ | 43 | Internal Audit | North Bridge |
| UHY Lee Seng Chan & Co | 4.9 ★ | 34 | Privately Held Companies | Goldhill |
What to Look for When Hiring Audit Firms in Singapore
ACRA registration as approved company auditor. The single most important verification step when selecting a statutory audit firm in Singapore is confirming ACRA registration. Only ACRA-registered approved company auditors may conduct statutory audits of Singapore companies. This information is publicly available on ACRA's BizFile+ portal. Do not engage any firm for statutory audit work without completing this check.
Industry sector experience. Audit quality is heavily influenced by the auditor's understanding of the industry being audited. A financial services audit requires knowledge of MAS Notice requirements and financial instrument accounting that a general practice firm may lack. Technology audits require familiarity with software revenue recognition and capitalisation standards. Verify that your proposed auditor has documented experience with companies in your specific sector.
ACRA inspection history. ACRA conducts periodic quality inspections of audit firms and publishes the results of significant adverse findings. While clean inspection records are not publicly confirmed for individual firms, adverse findings are disclosed. Check publicly available ACRA inspection information and ask your proposed auditor directly about their most recent inspection results before engagement.
Audit committee engagement approach. For companies with audit committees, the quality of the auditor's engagement with the audit committee — the frequency, depth, and candour of communications on audit findings, risks, and accounting judgements — is a critical factor. Ask for references from other listed company audit committee chairs before finalising an audit appointment.
Audit fee transparency and independence. Ensure you understand what is included in the audit fee and what is billed separately. Ask about non-audit services the firm provides to your company and whether any independence safeguards are required under the Singapore Code of Professional Conduct and Ethics for Public Accountants (ACPA Code). Undisclosed non-audit service relationships can create independence issues that compromise audit quality.
Frequently Asked Questions
Which companies need an audit in Singapore?
Singapore companies must have their financial statements audited unless they qualify as "small companies" under the Companies Act. A company qualifies as a small company if it meets at least two of three criteria: annual turnover not exceeding SGD 10 million, total assets not exceeding SGD 10 million, and no more than 50 employees. SGX-listed companies, public companies, banks, insurers, and MAS-licensed fund managers always require audit regardless of size.
What is the small company exemption in Singapore?
The small company exemption allows qualifying private companies to be exempt from the statutory audit requirement. A company qualifies if it meets at least two of three size criteria in each of the two immediately preceding financial years. Newly incorporated companies may apply the criteria for their first financial year. Companies that form part of a group must also consider whether the group as a whole qualifies. Directors who incorrectly apply the exemption face personal liability.
How are audit fees determined in Singapore?
Audit fees are primarily determined by the size and complexity of the audit, the number of entities in a group, the industry, the quality of the company's accounting records, and the firm's assessment of audit risk. Standard fee ranges are: SGD 5,000–15,000 for small private companies; SGD 20,000–80,000 for medium-sized private companies; SGD 50,000–200,000+ for SGX-listed companies depending on market capitalisation and operational complexity.
What is an internal audit?
An internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations. Unlike the external statutory audit — which provides an opinion on financial statements — internal audit examines business processes, internal controls, risk management frameworks, and operational effectiveness. Internal audit can be conducted by in-house teams or outsourced to accounting firms. SGX-listed companies and MAS-regulated entities typically have formal internal audit requirements.
How long does a statutory audit take in Singapore?
The timeline for a statutory audit varies significantly by company size. For small to medium private companies with clean accounting records, the audit fieldwork typically takes two to four weeks and the auditor's report can be issued within one to three months of year-end. Listed companies with multiple subsidiaries and complex accounting issues typically require four to six months from year-end to issuance of the audited accounts. Poor quality accounting records significantly extend audit timelines.
What happens if an audit is qualified in Singapore?
A qualified audit opinion indicates that the auditor has identified a material issue in the financial statements that they disagree with, or that there is a limitation on the scope of audit procedures that prevents them from forming a complete opinion. For SGX-listed companies, a qualified opinion triggers a mandatory disclosure requirement and typically leads to regulatory scrutiny from SGX and ACRA. For private companies, a qualified opinion may affect the company's ability to obtain bank financing. Qualified opinions are serious events that management should work to resolve before the audit report is finalised.
What is an ACRA inspection?
ACRA conducts periodic quality inspections of approved audit firms under the Practice Monitoring Programme (PMP) to assess whether firms are conducting audits in accordance with Singapore Standards on Auditing and the ACRA Code. Inspections involve a review of audit files, quality control policies, and partner supervision. Firms with material deficiencies receive written findings and must respond with remediation plans. Significant failures can result in regulatory sanctions.
What is the difference between external and internal audit?
External audit is conducted by an independent accounting firm to provide a statutory opinion on whether a company's financial statements give a true and fair view, as required by the Companies Act. Internal audit is conducted by internal staff or outsourced specialists to assess internal controls, business process effectiveness, and risk management on an ongoing basis throughout the year. The two functions complement each other but serve different purposes and different stakeholders.
Verdict
PricewaterhouseCoopers Singapore is the benchmark audit firm for organisations requiring the highest level of technical capability and institutional credibility, while Deloitte & Touche leads for listed company audit mandates with demanding reporting timelines. For mid-market and SGX-listed SME clients, BDO Singapore consistently delivers Big Four quality at commercially appropriate fees. Companies approaching an SGX listing should engage Crowe Singapore's specialist IPO audit practice early in the preparation process.
