Audits are crucial in ensuring financial transparency and compliance for businesses in Singapore. Under the Companies Act, companies meeting specific criteria must undergo annual audits. Key requirements include that private companies with revenue exceeding SGD 10 million, total assets over SGD 10 million, or more than 50 employees must have their financial statements audited. Audits are conducted by certified public accountants to verify the accuracy and fairness of financial records. Additionally, public companies and companies limited by guarantee are always subject to audit, regardless of size. The audit process in Singapore involves a thorough examination of financial statements, internal controls, and compliance with accounting standards. Non-compliance with audit requirements can lead to penalties and affect the company's credibility. Ensuring timely and accurate audits helps maintain investor confidence, aids in strategic decision-making, and aligns with Singapore's robust regulatory framework, fostering a transparent business environment.

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