Request For Audit Services Template for Singapore

When your Singapore company needs to engage external auditors, a Request For Audit Services document ensures you comply with statutory requirements while selecting the most qualified audit firm. This formal solicitation document establishes the framework for your auditor selection process, helping you meet obligations under Singapore's Companies Act and maintain transparency throughout the engagement process.

When do you need this document?

You'll need this document when your company requires statutory audits as mandated by the Companies Act, typically for annual financial statement audits. Public companies, large private companies, and subsidiaries of public companies must engage external auditors to meet ACRA compliance requirements. You'll also use this document for voluntary audits, such as internal control reviews, compliance audits, or due diligence audits for mergers and acquisitions. Additionally, if your audit committee or board of directors requires a competitive bidding process for auditor selection, this document formalizes the procurement process and ensures fair evaluation of audit firms.

Key legal considerations

Your Request For Audit Services must clearly define the scope of audit work, including the type of audit required, financial periods to be covered, and specific deliverables expected. Include detailed evaluation criteria that comply with professional standards, such as the audit firm's qualifications, experience with your industry, and adherence to Singapore Standards on Auditing (SSAs). Address confidentiality requirements and data protection obligations under the Personal Data Protection Act, particularly when sharing sensitive financial information during the proposal process. Specify independence requirements to ensure the selected auditor meets professional standards and regulatory expectations. Include provisions for AML/CFT compliance if your business operates in regulated sectors, and establish clear timelines for proposal submission, evaluation, and auditor appointment to meet statutory filing deadlines.

Legal requirements in Singapore

Under the Companies Act (Cap. 50), your appointed auditor must be registered with ACRA and hold valid practicing certificates under the Accountants Act. The document should specify that proposals must demonstrate compliance with Singapore Standards on Auditing and include evidence of the firm's quality control procedures. For public companies, ensure the request addresses rotation requirements and independence standards mandated by the Securities and Futures Act. Include requirements for the audit firm to confirm their understanding of relevant industry-specific regulations and their ability to meet ACRA's reporting deadlines. The selected auditor must also demonstrate compliance with professional indemnity insurance requirements and continuing professional development standards as required by the Singapore Institute of Certified Public Accountants (SICPA).