A non-profit organisation (NPO) in Singapore is a legally constituted organisation whose objectives are to serve or engage in activities of public interest without any commercial or monetary profit. Auditing is equally applicable to companies limited by guarantee and a wide range of non-corporate entities such as societies, associations, churches, temples, professional boards, schools, charitable trust, partnerships and clubs.

Institutions of a Public Character (IPC) are NPOs with a charity status. Approved IPCs are authorised to issue tax-deduction receipts to donors. Donations made to a charity without approved IPC status or for a foreign charitable purpose is non-tax deductible.

OUR SERVICES

  • Statutory Audit
  • Audit Certifications

COMPLIANCE

  • Rules & regulations applicable to charities and IPCs

✓ Charities Act (Chapter 37)

✓ Charities (Accounts & Audit Report) Regulations

✓ Charities (IPC) (Amendment) Regulations

✓ Charities (Fund-Raising Appeals) Regulations

✓ Companies Act (Chapter 50)

✓ Societies Act (Chapter 311)

✓ Societies Regulation

  • Financial Reporting Standards (FRS)
  • Singapore Charities Accounting Standards (CAS)
  • Singapore Standard on Related Services
  • Code of Governance for Charities and IPCs
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SCOPE OF AUDIT

An audit includes examining, on a test basis, evidence supporting the amount and disclosures in the financial statements, assessing the accounting principles used significant estimates made by management, as well as evaluating the overall financial statement presentation.

In addition to our report on the financial statements, we also include a separate letter concerning any material weakness in accounting and internal control systems, which arise from the audit.

AUDIT AND FINANCIAL STATEMENTS REQUIREMENTS

  • The statement of accounts for all IPCs has to be externally audited.
  • Companies limited by guarantee will be audited under the Companies Act.
  • The audit requirements for the other NPOs and charities are shown below:

Statement of accounts can be examined by an independent person whom the governing board members believe have the relevant ability and practical experience.

Statement of accounts can be examined by an independent person who is a member of ISCA, or who possess the necessary qualifications to be a member of ISCA.

Statement of accounts has to be externally audited by a public accountant.

  • Submission within 6 months after the end of each financial year
    • 30/70 fund-raising rule.
    • Summary of the unrestricted income funds and restricted income funds.
    • Appropriateness of accounting policies and disclosures of financial & non-financial information.
  • Are eligible for full tax exemption after receiving the charity status.
  • Change auditor at least once every 5 years, whether to another auditor from the same auditing firm or company.

We have had many years of audit experience with NPOs and IPCs entities across many different sectors, GeBIZ and various government agencies in compliance with the regulatory requirements. Tan, Chan & Partners are made up of highly competent engagement partner and team to meet the increasing demands that are regularly updated with accounting and audit standards, tax regulations and financial trends.

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