Audit Exemption for Small Companies - Accounting and - ACRA
Audit Exemption for Small Companies - Accounting and - ACRA
Audit Exemption for Small Companies - Accounting and - ACRA
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Services small companies can get from professional firms<br />
- agreed upon procedures engagement report<br />
• states the list of the specific procedures per<strong>for</strong>med<br />
eg.<br />
“The procedures were per<strong>for</strong>med solely to assist you in evaluating the<br />
validity of the accounts payable <strong>and</strong> are summarised as follows:<br />
1. We obtained <strong>and</strong> checked the addition of the trial balance of accounts<br />
payable as at 31 December 2008 prepared by ABC Pte Ltd, <strong>and</strong> we<br />
compared the total to the balance in the related general ledger<br />
account.<br />
2. We compared the attached list (not shown in this example) of major<br />
suppliers <strong>and</strong> the amounts owing at 31 December 2008 to the related<br />
names <strong>and</strong> amounts in the trial balance.<br />
3. We obtained suppliers' statements or requested suppliers to confirm<br />
balances owing at 31 December 2008.”<br />
© 2010 Foo Kon Tan Grant Thornton LLP
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