Audit Support Services

If you are preparing for a year-end audit or managing complex financial records, strong audit readiness is essential to ensure compliance, maintain stakeholder confidence and avoid costly delays.

Inadequate preparation can lead to reporting gaps, audit issues and added pressure during the year-end close.

Our Audit Support Services streamline the close process through structured financial statements preparation, reconciliations and audit-ready documentation. We ensure all balances are complete, properly supported and fully traceable.

With a proactive approach, we reduce audit friction, ease the workload on your finance team and support a faster, smoother year-end audit process.

We prepare a full set of mock financial statements based on your trial balance and supporting records, so you can identify gaps early and avoid last-minute surprises.

What we help with:

• Drafting key primary statements and supporting notes and disclosures
• Identifying missing information and areas requiring clarification
• Ensuring consistency in presentation and compliance with disclosure requirements
• Coordinating adjustments and reclassifications ahead of audit

We organise your supporting documents into clear, audit-ready schedules that address common audit requirements and reduce time spent retrieving information.

What we help with:

• Preparing lead schedules and supporting schedules for key accounts

• Compiling documentation for audit sampling and confirmations

• Creating roll-forwards and movement schedules, where applicable

• Standardising file naming conventions and working paper organisation for a smoother review process

We reconcile your balance sheet and key income statement accounts to ensure balances are supportable, traceable and ready for audit testing.

What we help with:

• Bank, intercompany, accounts receivable, accounts payable and key balance sheet reconciliations

• Investigating variances and resolving reconciling items

• Cleaning up aged or unreconciled balances and correcting mispostings

• Improving reconciliation documentation to support audit evidence

We help you close the financial year with confidence by finalising your accounts in accordance with Singapore Financial Reporting Standards (SFRS) and preparing your records for a smooth audit process.

What we help with:

• Reviewing classification and presentation under SFRS

• Supporting year-end adjustments and accounting entries

• Ensuring disclosures are complete and aligned with reporting requirements

• Liaising with auditors to clarify accounting treatments and close outstanding matters

Background:

The client has more than 20 years of experience in handy bulk cargo shipping, providing "One Stop Shipping" services that include vessel ownership, time charter operations and full ship management.

Challenges:

• The newly formed finance team was focused on catching up with routine accounting matters
• There was no proper handover from the previous finance team, leaving the new team with limited understanding of consolidation entries recorded in prior years
• The consolidation process involved more than 20 entities and complex consolidation entries related to refinancing arrangements and sale-and-leaseback transactions

How we helped:

We worked closely with key individuals across the client’s accounting and finance functions.

Key activities undertaken included:

• Setting up and standardising the consolidation worksheet
• Breaking down the main consolidation into a two-staged consolidation process covering both current and prior-year audits
• Coordinating with both the audit team and the client to reach alignment on complex consolidation treatments and entries
• Drafting financial statements for audit purposes in accordance with the Companies Act and applicable financial reporting standards

Results:

Our support helped ease the finance team's workload during the audit and accelerated the overall audit process. Audit adjustments relating to consolidation entries were minimal, enabling the client to meet the ACRA filing deadline on time.

• With more than 30 years of experience supporting the accounting and financial needs of businesses, we are equipped with the expertise needed to help clients address challenges of varying complexities – both locally and beyond Singapore.