At Ecovis, our clients can trust our audit and assurance experts to help manage their risk and financial reporting responsibilities.
Our approach begins with listening and understanding our clients’ business and requirements by our partner-led team who are carefully chosen with the matched in depth knowledge of our client business. We customise our approach to achieve cost effectiveness and efficiency, keeping our client informed of the progress and bringing immediate attention of important issues and risk areas to our clients. We deliver commercially-focused recommendations to assist our clients to make informed decisions of their business. Our teams are trained to ensure that our advice is always clear, objective and relevant to our clients’ business.
Statutory audits are for entities that require an audit for statutory reasons associated with the filing of their annual report and financial statements with the Accounting and Corporate Regulatory Authority (ACRA) for meeting the Singapore Companies Act requirements. We can provide you with quality audit services completed with the accuracy and full disclosure of information contained in your financial statements, to meet the expectation of the investors, regulatory bodies, customers and lenders.
Our risk based audit approach, which includes an in-built quality system and is up-to-date with the latest Singapore Auditing Standards, gives you the certainty that your audit has been completed under rigorous professional standards. Our audit approach, which is based on understanding our client’s business and risks, has four key phases in the process:
- PLANNING – Identifies and develops the overall audit approach with particular focus to key risk areas;
- CONTROLS PHASE – Evaluates and tests the key internal control areas and advise management of any issues during the interim audit;
- SUBSTANTIATION – Carry out test of details on significant account balances both during the interim and final audits;
- COMPLETION – The submission of the audit opinion and the delivery of the management letter.
Our audit clients include multinational corporations, as well as many small and medium-sized companies.
SFRS AND IFRS FINANCIAL STATEMENTS AUDITS
For entities which require their financial statements to be audited in accordance with SFRS or IFRS for reporting to the parent company or to meet the requirements of third parties purposes. The audit approach is substantially the same as for the statutory audit but with a reduced audit scope in some instances.
INTERNAL AUDIT SERVICE
Our internal audit professionals also assess other aspects such as ethics and values within the organisation, performance management, communication of risk and control information within the organisation in order to facilitate a good governance process.
Our internal audit team provides a full range of services including assistance in designing a strategic plan for internal audit, re-engineering existing departments, providing specialised resources or completely outsourcing the entire internal audit function.
The roles of the internal auditors have been evolving over the years from the assurance role that the system and process are working well to the consultative role of how to improve the system and process.
Our internal audit activity evaluates risk exposures relating to the organization’s governance, operations and information systems, in relation to:
- Safeguarding of assets;
- Reliability and integrity of financial and operational information;
- Compliance with laws, regulations, and contracts;
- Effectiveness and efficiency of operations.
Our risk based approach to internal audit entails the following steps:
- Research – Gathering broad range of Information about the entity’s business;
- Planning – Analysis of information to determine the priority and objective of the review with management;
- Providing assurance – Inform management how well the system is working based on our audit;
- Consultation and Action – Management accepts the risk of what they do or agree to implement improvements on those areas where opportunities or deficiencies are identified;
- Follow up – Routine review of the implemented improvements.
Agreed Upon Pocedures Engagements
We provide our clients with audit assurances beyond the financial statements audit on certain account balances via utilising the non-financial statement report such as SSRS 4400 Agreed upon procedure engagements.
These engagements will typically involve:
- Cost /expense verification for third parties such as EDB;
- Revenue verification for third parties such as the landlord;
- Compliance with contracts;
- Royalty examinations;
- Franchising services;
- Any other special reporting.
A special review entails a comprehensive and objective review of the results and the financial position of the business. It provides management with feedback on key areas and issues to enhance profitability and contain costs. Certain engagements may be required to by the parent company to issue review opinion assurance on the interim financial statements.
OTHER NON-STATUTORY AUDITS
Our audit techniques are equally applicable to a wide range of non-corporate entities such as limited or unlimited liabilities partnerships, clubs, associations, charitable bodies and MCSTs.