GST - Enrich

11May2024

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

25Mar2024

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

25Jan2024

Getting GST Ready by 2023 – 3 Key Steps You Must Take to Avoid Unexpected Expenses

The new GST hike will kick in by January 2023 – and it is vital that your business is prepared to handle this change. Failure to comply or delaying your preparation might result in devastating financial losses that could have easily been avoided. IRAS, for example, may fine businesses up to $10,000 and a penalty of 10% of the tax due for businesses that are late or failed to register for GST. It’s essential therefore to understand the key steps you need to take to ensure you don’t unknowingly run foul of the law. Here’s how:

1. Have a clear understanding of whether you need to register for GST or not

It’s true that keeping up with the most recent legal requirements and doing mathematical calculations can be laborious. It’s simple to overlook the little things that could end up costing your company money. Getting a second set of eyes might be beneficial. To reduce their tax liability, businesses might participate in tax planning. This can involve planning commercial transactions to occur at the best possible times, maximizing tax exemptions and deductions, and reorganizing the business to minimize taxes.

The company’s overall business goals and compliance with tax rules should be carefully considered before implementing these tactics, even though they can assist save corporation tax. Seeking advice from a financial counselor or tax specialist is always a smart idea.

2. What goods and services are actually taxable?

Not rated at all? Typical rated? Not included? What does this all mean and how can you know which category your company comes under?

Standard-rated supplies are the ones that are GST chargeable at 8%. Zero-rated supplies on the other hand incur no GST. As such, if you’re a GST-registered company, you’ll charge 0% GST on your supplies – but you can claim GST paid on your purchases to make those supplies. This usually applies to the export of goods and international services.

Exempt supplies also incur no GST. The company will not charge any GST on exempt supplies, and, unlike a Zero-rated supply, they also cannot claim GST incurred on goods or services used in the process of making these exempt supplies. Such services usually include the sale and lease

3. Hire an accountant to help facilitate a smooth transition to the new GST rate

It’s challenging enough to run a business, let alone worry about the minutiae involved in making sure you’re adhering to legal standards. We already know that huge fines and unforeseen penalties result from improperly accounting for GST supply at the appropriate rate. So why not use a professional to handle everything rather than worrying about these specifics?

A competent accountant understands the complexities of business operations and may take the appropriate measures to prevent financial catastrophes, but tax liabilities and fines can seriously impair your finances. For example, an accountant can assist you with maintaining compliance with record-keeping requirements and manage the shift as you go with implementing