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