Best Accounting & Auditing Lawyers in Clarke Quay

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Yuen Law LLC

Yuen Law LLC

Clarke Quay, Singapore

Founded in 2012
30 people in their team
Yuen Law LLC is an award winning law firm that was named “Boutique Private Client Law Firm” in 2016, “Client’s Choice for Boutique Private...
English
Chinese

About Accounting & Auditing Law in Clarke Quay, Singapore

The financial region of Clarke Quay, Singapore, closely adheres to international standards in accounting and auditing. It's essential for corporations, both local and international, to maintain strict financial reporting and adhere to the mandated auditing standards set forth by the Singapore Financial Reporting Standards (SFRS). These standards are tightly aligned with the International Financial Reporting Standards (IFRS).

Why You May Need a Lawyer

Engaging a lawyer is advisable when dealing with complex issues such as tax compliance, fraud detection, company restructuring, mergers & acquisitions, or dispute resolution with other businesses. A lawyer with expertise in Accounting & Auditing laws can help navigate the intricate legal challenges and financial regulations inherent in these situations.

Local Laws Overview

Accounting and auditing in Clarke Quay, Singapore, are governed by various laws and regulatory bodies. Some of these include the Companies Act, Accounting Standards Act, and Income Tax Act. These laws cover essential aspects for businesses such as maintaining proper accounting records, presenting accurate financial statements, conducting audits, and adhering to standards for financial reporting.

Frequently Asked Questions

1. What are the key accounting standards in Singapore?

The main accounting standards in Singapore are outlined by the Singapore Financial Reporting Standards (SFRS) which are aligned with the International Financial Reporting Standards (IFRS).

2. Are audits mandatory for all Singapore companies?

Yes, under the Companies Act, all Singapore companies are required to get their accounts audited. Exceptions are made for dormant companies and exempt private companies subject to revenue thresholds.

3. What is the role of a legal professional in accounting and auditing?

A legal professional can provide advice and guidance on compliance with relevant laws and regulations, help navigate complex financial transactions, assist in dispute resolution, and provide representation in legal proceedings, among others.

4. What punishments can be imposed for financial misconduct?

Punishments for financial misconduct can be severe, including hefty fines, imprisonment or both, depending on the gravity of the offense.

5. How often should a company's financial records be audited in Singapore?

As mandated by the Companies Act, a company's financial records must be audited on an annual basis.

Additional Resources

The Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS) are governmental bodies that provide resources and guidelines related to accounting and auditing in Singapore. Also, the Singapore Institute of Directors (SID) offers guidance and training for corporate governance.

Next Steps

If you need legal assistance in accounting and auditing, consider seeking a local lawyer specializing in this field. They will be able to provide tailored advice based on your specific needs and circumstances. They can also help ensure you are maintaining compliance with Singapore's complex network of related laws and regulations.

Disclaimer:
The information provided on this page is intended for informational purposes only and should not be construed as legal advice. While we strive to present accurate and up-to-date information, we cannot guarantee the accuracy, completeness, or currentness of the content. Laws and regulations can change frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal professionals for specific advice tailored to your situation. We disclaim all liability for actions you take or fail to take based on any content on this page. If you find any information to be incorrect or outdated, please contact us, and we will make efforts to rectify it.