Non-profit Organisation Audit Services
Reliable audit for Non-profit Organisation in Singapore
Audit of nonprofit entities or nonprofit organisation is needed to ensure that the entities such as charities, clubs, social enterprises, cooperatives, societies and business chambers practise good governance.
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More about Non-profit Audit
Audit of nonprofit entities or nonprofit organization is needed to ensure that the entities such as charities, clubs, social enterprises, cooperatives, societies and business chambers practise good governance. There is a high need to apply proper accounting practice and an external audit to avoid mismanagement and ensure transparency and reliability. Just like any other audit processes, the entities’ financial records, such as bank accounts, contracts, and other documents would need to be in line with the Act and tax-exempt entity requirements.
The steps of preparing the audit itself can be confusing and taxing when it comes to finding out which documents that you need to fill in or submit in addition to racing with different deadlines. Our firm has a long-standing position in the business with helping organizations and entities with their financial management.
Nonprofit organizations and entities would be tremendously benefited by an audit in a way that they would acquire properly presented financial statements that are in accordance with the generally accepted accounting principles (GAAP). In addition to that, just like any other organizations, charities are not free from financial loss, and our firm will help your organization mitigate those risks.
Drive your organisation to maximise its potential.
Free up your time to focus entirely on your business operations. Contact us now to request a quote or consultation.
Does your charity need to be audited?
A charity is normally constituted as:
- A society, under the Societies Act, Chapter 311
- As a company limited by guarantee (CLG), under the Companies Act, Chapter 50
- By trust deed, under the Trustees Act, Chapter 337.
In its essence, under the Companies Act, all charities that are considered as company limited by guarantee (CLG) must be audited, with several notes:
- Charities constituted as societies with gross income or expenditure exceeding $500,000
- Charities constituted as a trust are not required to be audited, unless required by trust deed.
- Charities or Institutions of a Public Charter (IPC)
Gross or Expense Exceed $500,0000
Charities or Institutions of a Public Charter (IPC)
$250,000 and less or equal to $500,000
More than $500,000, must be audited by a public accountant
Ready to find out the next step?
S H Tang & Associates is ready to guide you through our solutions. Let’s schedule a meeting with us to learn more.
Smooth and cost-effective journey with S H Tang & Associates
Appointing us as your auditor means a breath of relief from long, tedious work of preparing the right documents and catching up with deadlines. Our professional team will be present with you throughout your journey to give utmost attention and deliver assurance to you. In return, your organization will be able to give the same assurance to the stakeholders involved in the organization. Talk to us today and strengthen your confidence in your daily operations. For pricing and consultation.