Our auditing arm, Joe Tan & Associates / JT NAC PAC delivers independent, efficient, effective and comprehensive audits to help ensure your financial statements meet the regulatory and business requirements.
Regular audits are essential to establishing credibility and building reputation. Companies that have good credible financial reporting stand to gain credibility internationally with leading sources of capital.
We deliver independent, objective and high quality assurance services through our core audit practice. Our auditing arm, Joe Tan & Associates / JT NAC PAC is committed to delivering independent, efficient, effective and comprehensive audits. We provide quality assurance services to help ensure that our clients’ financial statements meet the regulatory and business requirements as well as to lend credibility to the company’s financial statements.
We believe in high quality audits. Our audits are led by partners who are heavily involved in the engagements and ensure staffs have the appropriate level of skill and knowledge with respect to our clients’ businesses.
We provide auditing and assurance services for a wide range of industries such as small and medium-size enterprise, multinational corporations and subsidiaries of local and overseas listed companies.
Our audit and assurance services include the followings:
- Statutory audit
- Due Diligence
- Internal audit
- Other attestation work
- Compilation services
Our primary goal as statutory auditors is to render an opinion on the financial statements in accordance with generally accepted auditing standards.
In addition, we seek to add value to our attest services by effectively communicating the business implications of our audit results. For example, we may issue recommendation for areas of improvement for any deficiencies that we may discover in the audit process. We would also highlight areas of non-compliance to the management.
Benefits of Auditing
While not designed specifically for such, the auditing process may uncover significant fraud or errors. The audit of financial statement acts as a deterrent. Potential losses due to fraud usually far surpass the cost of an audit. We also highlight to the management significant weaknesses noted in existing systems of internal control. Such reporting to management facilitates continuous cost-effective improvements in internal controls which protects value and enhances the quality of accounting and financial reporting of the entity. Many companies including Small Medium Enterprise would want to have their financial statements audited; even they have the option not to have their accounts audited.
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations.It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Our comprehensive ranges of internal audit solutions include:
- Assisting companies to develop and implement risk based internal audit methodologies
- Assisting companies in the risk management, control, and governance processes
- Advising companies on the establishment of internal control system
- Providing assurance to the Management that the organization’s corporate governance is strong and effective
Financial Due Diligence
We assist clients in the financial due diligence of potential investments, acquisition, merger or joint venture projects. We also offer practical solutions to issues identified during the due diligence that may impact the investments.
Other Attestation Work
Besides performing statutory audit, we also perform due diligence and other attestation work such as giving independent opinion on grant claims, retail sales audit, lucky draw witness and certification of capital expenditure for tax incentive qualification. We also assist in the application for Major Exporter Scheme and other special audits upon request by stakeholders or directors.
Currently all companies including dormant and exempt private companies are required to prepare statutory financial statements complying with the requirements of the Companies Act Cap 50 and Singapore Financial reporting Standards. Compliance with the Singapore Financial Standards is required by law. For Singapore incorporated companies, a full set of statutory financial statements comprises:
- Directors Report
- Statement by Directors
- Statement of Financial Position
- Statement of Comprehensive Income
- Statement of changes in equity
- Statement of Cash flows
- Note to Financial Statements
Japan Service Desk
We provide numerous Japanese companies in Singapore with audit and assurance services and tax advisory services. Through this experience, we have gained valuable knowledge specific to Japanese companies within Singapore. At our Japan desk is a Japanese CPA with over 20 years experience in liquidation services, tax, legal and accounting services.
By a collaboration of local members and a Japanese CPA professional, our Japan desk provides Japanese companies and their subsidiaries in Singapore with a range of professional services as follows:
- Audit & Assurance
- Business Restructuring
- Risk Advisory
- Business Transaction
- Tax Advisory
- Corporate Finance
- Management Consulting
- Accounting Management
- Corporate Secretarial
We serve global multinational Japanese companies by teaming with NAC international accounting group and, together, we are able to provide Japanese clients with a variety of high-quality professional services.