How to Prepare for a GTO Audit

Verifying the licensee’s total sales turnover is the goal of the special-purpose audit known as the total Turnover Audit (GTO Audit), which is required of enterprises in accordance with their lease agreements. It entails closely examining a retail company’s gross sales turnover, which is a requirement of the landlord’s rental agreement. It guarantees that the monthly gross sales turnover is shown honestly and fairly in the statements given to property management.

Pre-Audit Checklist

Gather Key Documents

Arranging the required paperwork is a prerequisite for a GTO audit. Make sure you possess the necessary files:

The primary document that defines the parameters of the GTO audit is the lease agreement.
Sales Reports Generated by the System: Gather sales data on a daily and monthly basis, usually from your Point of Sale (POS) system. All sales transactions should be transparently and thoroughly documented in these reports.
Landlords Receive Monthly Sales Reports: These are essential for verifying consistency in the information provided to the landlord and during the audit, as well as for comparing with your internal records.

Review Internal Controls

Thoroughly examining your company’s internal control systems is an essential part of being ready for a GTO audit. Make sure that the sales records are accurate first. Verify that your financial systems have a complete and accurate record of every sale. Next, verify the correctness and consistency of the data by cross-referencing sales information with bank deposits and receipts. It’s also critical to find any inconsistencies or irregularities in sales records in order to pinpoint flaws. Resolve these problems right away to guarantee accurate reporting. Review and improve your documentation procedures as well to make sure that every financial transaction has a transparent audit trail.

Expert Guidance with Tan, Chan & Partners

Singaporean audit certification necessitates careful planning and preparation. Even though a GTO audit can appear overwhelming, with the right direction, it can be completed more quickly and accurately while still guaranteeing compliance. An experienced audit firm in Singapore, Tan, Chan & Partners, provides professional services to guarantee your company gets through the GTO audit process without any problems and is the best partner for audit certification in Singapore. Our team of skilled auditors can help you by examining your financial systems, assisting with the preparation of any required paperwork, and offering assistance throughout the audit. We make sure your company has all it needs to complete the audit as efficiently as feasible.

Contact Tan, Chan & Partners for thorough guidance on GTO audits and audit certification in Singapore. Allow us to assist you in achieving a prosperous and legal

Sector-Specific Auditing: Selecting a Company That Fits Your Needs

The auditor’s comprehension of the particular industry a corporation operates in is a critical component in determining the accuracy and dependability of the audit. This is where the idea of audits tailored to a particular industry becomes crucial. It goes beyond simply meeting legal obligations to make sure the audit fully takes into account the special difficulties and regulatory environments of a certain industry. It is crucial to choose an auditing company in Singapore that has a thorough understanding of your sector in addition to general financial acumen.

The Significance of Industry Knowledge

Understanding Nuances

Different regulatory environments and accounting standards apply to different industries. For example, managing derivatives in the finance sector requires specialized knowledge, while intellectual property valuation is sometimes complicated in the technology sector. An audit company in Singapore may overlook important details specific to certain industries with a general approach, which could result in erroneous financial assessments and a higher risk of non-compliance.

Expertise and Efficiency

A Singaporean auditing business that specializes in a certain industry can offer a multitude of information and experience, ranging from a thorough understanding of industry-specific laws and practices to familiarity with typical problems and fraud hazards. This knowledge is crucial for spotting possible financial irregularities and guaranteeing adherence to industry norms. Also, this kind of specialization frequently results in increases in efficiency. Industry-specific expertise allows auditors to do audits more quickly and accurately since they already know the usual financial structures and potential hazards of that industry.

Tailored Auditing Solutions

Risk Assessment and Planning

Customized risk assessment and audit planning are two major benefits of working with a Singaporean auditing company that specializes in your sector. These companies are able to create audit programs that are both successful and efficient because they have a thorough understanding of the unique risks and difficulties associated with various industries.

Team Background and Specialization

To keep its staff informed about the most recent advancements in a variety of industries, a top audit firm in Singapore makes ongoing educational and training investments. Seek out companies whose employees have extensive experience in your industry and possess the necessary credentials. It is imperative for the team to remain up to date with the latest technical developments, industry trends, and regulations in order to deliver superior auditing services.

Interaction and Customer Service

Always select an auditing firm that is dedicated to providing you with updates at every stage of the process and that values honest and open communication. A company that takes a client-centric approach is one that offers frequent updates, answers questions right away, and is prepared to go into great detail when discussing and explaining its findings. Customer endorsements and reviews can be an invaluable

Reasons to Hire an Auditing Firm in Singapore

It is mandatory for all Singaporean corporations to designate an auditor within three months of their incorporation. Smaller businesses and inactive businesses are exempt from this, but all other businesses need an auditor to help them comply with rules and stay in compliance. Navigating these complexities is a challenge faced by businesses of all sizes in Singapore, and with the competitive business landscape in this country, the role of an audit firm in Singapore can be incredibly beneficial. After all, auditing firms offer a range of services that go beyond mere financial scrutiny. Let’s dive in and take a look at the numerous reasons why engaging an auditing firm is an important strategic move for businesses in Singapore.

Regulatory Compliance

Compliance is an essential component of corporate integrity and goes beyond simply following the law. In Singapore, auditing firms are essential to making sure companies are adhering to their legal requirements. From financial disclosures to statutory audit obligations, these organizations offer the experience required to maneuver through the intricate regulatory maze. Their knowledge of regional legislation aids companies in staying compliant, avoiding fines, and preserving their reputation in the sector.

Expertise and Professionalism

The extensive specialised knowledge that Singaporean audit firms provide is invaluable in handling these issues. Their knowledge of financial structures and business processes is extensive, going beyond the scope of standard auditing. This breadth of expertise is crucial for handling the particular difficulties that companies encounter. Auditing businesses are skilled at interpreting complicated financial situations and providing insights that inform strategic business choices.

Risk Mitigation

Helping companies identify and reduce possible hazards is one of an audit firm in Singapore’s most important roles. Through comprehensive assessments, these companies are able to identify areas that require improvement as well as hidden risks in areas such as internal controls, financial reporting, and compliance. Equipped with this understanding, enterprises can implement efficacious risk alleviation tactics to avert noteworthy monetary losses and operational disruptions, guaranteeing sustained stability and expansion.

Find The Right Auditing Partner in Singapore

Choosing the right audit firm in Singapore is a decision that shapes the future of your business. In the realm of financial management and compliance, Tan, Chan & Partners stands out as a leading audit firm in Singapore. With decades of experience, a team of seasoned professionals, and a commitment to excellence, we offer a comprehensive range of accounting services and corporate secretarial services. Whether it’s conducting a meticulous statutory audit or providing strategic financial advice, our focus is always on delivering quality, precision, and value to our clients.

Contact us today to learn how our expert team can assist you in achieving financial excellence and business success.