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Audit and Assurance

What is an Internal Audit and How Can it Benefit a Company?

By |2019-10-25T11:58:37+08:00October 24th, 2019|Internal Audit|

An internal audit is a procedure that involves a systematic evaluation of a company’s accounting and reporting processes, along with its corporate governance and internal controls. This type of audit seeks to determine if there are any flaws or weaknesses that could affect the accuracy of a company’s financial reports, [...]

Quick Facts: Small Company Audit Exemptions in Singapore

By |2019-10-21T13:08:28+08:00October 17th, 2019|Audit and Assurance|

The Companies Amendment Act enacted into law in 2014 revised the criteria for audit assurance requirements and introduced the small company concept, offering audit exemptions for registered private limited companies in Singapore. What is the Effective Date of the Act? The Accounting and Corporate Regulatory Authority (ACRA) began implementing key [...]

The Purpose of Audits and How Your Business Can Benefit from Them

By |2019-10-17T11:15:49+08:00October 17th, 2019|Audit and Assurance|

A recent survey from the Singapore office of the reputed accounting firm PWC has unveiled that the percentage of companies who trade in the Singapore Exchange that have decided to include Auditing Committee commentaries into their financial statement has increased from 40% to 60% from 2017 to 2018. It seems [...]

Accounting fraud takes a new dimension in China

By |2019-09-29T02:43:30+08:00September 29th, 2019|Case Studies|

China’s biggest accounting firm Ruihua CPA’s is being investigated by the China Securities Regulatory Commission (CSRC) after one of its clients was found to have infested its profits by RMB 12billion ( US$1.74billion)over four years! This is not the first time Ruihua was investigated 3 years ago they were barred [...]

Accounting for Cryptocurrencies

By |2019-09-29T02:31:51+08:00September 29th, 2019|Accounting Standards|

With rapid changes in technology and business environment, holdings of cryptocurrencies allow businesses and individuals to transact directly to each other without any intermediary such as banks or financial institutions. Accordingly, it appears practical issues on how to account for such assets given the fact that there is no accounting [...]

Case Study: Thomas Cook plc, A lesson to be learned

By |2019-09-29T02:17:40+08:00September 29th, 2019|Case Studies|

The oldest Travel Agent 178 years collapsed and went into administration in the UK on 23rd September 2019. It was founded in 1841 in Leicestershire by Thomas Cook a cabinet-maker. Prior to the collapse, it’s revenue was £9bn, it had 19 million customers, 22,000 staff in 16 countries. What happened? [...]

Preparing your Company for FRS115 (IFRS15)

By |2019-08-20T23:38:38+08:00September 25th, 2018|Audit and Assurance|

The Accounting Standards Council issued FRS 115 (also known as IFRS 15) on 19 Nov 2014. FRS 115 is effective from annual periods beginning on or after 1 Jan 2018. Earlier application is permitted. Objectives of FRS 115 The objective of IFRS 15 is to set out standards for recognition [...]

Corporate Culture goes beyond that of the CEO

By |2019-08-20T23:38:39+08:00September 5th, 2018|Audit and Assurance, Family Business, Risk|

Stories of corporate culture gone off the rails have become a regular feature in the headlines. From rampant sexism and bullying, falsifying of critical safety records, to underhand tactics against competitors and outright fraud, breakdowns in standards of governance inevitably lead to demands for strong action to be taken. But [...]

4 years worth of Audited Financial Reports no Longer valid

By |2019-08-20T23:38:39+08:00September 4th, 2018|Asia, Audit and Assurance|

Midas, a Chinese railway parts maker which has a primary listing on the mainboard of the Singapore Exchange and a secondary listing in Hong Kong, is being investigated in Singapore and China for fraud. Founded in 2000 by Patrick Chew, a Singaporean businessman with a rags-to-riches story, and a Chinese [...]

Case Study: PwC UK auditor spent only 2 hours on BHS Audit

By |2019-08-20T23:38:39+08:00August 31st, 2018|Audit and Assurance, Europe, News|

In an email seen by Sky News, Kevin Ellis, chairman of PwC UK, reportedly blasted partner Steve Denison over his audit work for BHS, which last week led to a six-figure fine and 15-year ban for Denison and a record £10m fine for the Big Four firm (reduced to £6.5m). [...]