Best Accounting & Auditing Lawyers in Bishan

About Accounting & Auditing Law in Bishan, Singapore

Accounting and Auditing laws in Bishan, like the rest of Singapore, follow a strict governance framework. Singapore's authority in charge of accounting standards, referred to as the Singapore Financial Reporting Standards (SFRS), governs business accountings, whereas the auditing standards follow the Singapore Standards on Auditing (SSAs). Any business, whether multinational or SMEs, should comply with these standards. It is also worth noting that Singapore's financial sector is strictly regulated and non-compliance can result in severe penalties.

Why You May Need a Lawyer

You may need a lawyer for accounting and auditing matters when facing regulatory investigations, fraud allegations, complex legal matters such as mergers or acquisitions, or issues related to non-compliance with local legal standards. Lawyers specialized in this field can provide expert advice, represent your interests in legal proceedings, and help you navigate through the complexities of regulatory requirements.

Local Laws Overview

The key local laws relevant to Accounting & Auditing in Bishan are under the Accounting Standards Act, which governs the implementation of accounting standards for companies in Singapore. Additionally, the Companies Act specifies requirements for audit and financial data reporting for different types of companies. Any non-compliance with these Acts can lead to severe penalties including heavy fines or imprisonment.

Frequently Asked Questions

What is the difference between accounting and auditing?

Accounting involves recording, summarizing and reporting business transactions over a specific period. Auditing, on the other hand, involves evaluating the accuracy of these financial statements provided by the accountants to ensure there is no misrepresentation or fraud.

What kind of penalties can result from non-compliance with accounting and auditing laws in Singapore?

Penalties can range from fines, damage to business reputation to imprisonment for severe cases of non-compliance such as fraud, embezzlement, tax evasion or material misrepresentation in financial reporting.

Do all businesses in Singapore need to be audited?

No, not all businesses need to be audited. Small companies, defined by specific criteria based on revenue, number of employees, and total assets, are exempted from audit requirements.

How often should a company's accounts be audited?

In Singapore, it is mandatory for companies to audit their accounts annually. However, the audit period might be shorter depending on the company's constitution or if any irregularities are detected.

Can a company change its auditor?

Yes, a company can change its auditors. However, the outgoing auditor has the right to make representations at a general meeting, which the company must circulate to its members.

Additional Resources

For additional resources related to Accounting & Auditing in Singapore, you can refer to guidelines and standards issued by the Accounting and Corporate Regulatory Authority (ACRA), and Institute of Singapore Chartered Accountants (ISCA). The local libraries in Bishan also provide resources for understanding the local laws related to Accounting and Audit practice.

Next Steps

If you need legal assistance in Accounting & Auditing, you can seek advice from law firms in Bishan that specialize in this field, or you could also directly contact the Legal Aid Bureau. Make sure to gather all relevant documents and data related to your financial transactions before your consultation.