What is the date of audit?

What is the date of audit?

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The AR provides critical information that helps the company’s stakeholders to make informed decisions. The AR is an electronic form lodged with ACRA through its online filing system – BizFile+ and contains important particulars of the company such as the name of the directors, its members, and the date to which the financial statements of the company are made up to.

  1. Section 175(1) of the Act -   The company must hold its first AGM within 18 months of incorporation, and subsequent AGMs yearly at intervals of not more than 15 months
  2. Section 197(1)(b) of the Act -  The company is required to lodge an AR within 30 days after its AGM. A company having a share capital and keeping a branch register in any place outside Singapore, is required to lodge an AR within 60 days after its AGM.
  3. Section 201 of Act - The directors of the company are required to lay at the AGM, financial statements that are made up to a date:
    • Not more than 6 months before the date of the meeting (if the company is not a listed company); or  
    • Not more than 4 months before the date of the meeting (if the company is a listed company). 

When a company/director lodges an AR through ACRA's online filing system, BizFile+, the following information is required  in the AR form:-

  1. The date the financial statements are made up to; and, if applicable
  2. The date the AGM is held for laying the financial statements in (a).

If the company has dispensed with the holding of AGM or qualifies for the AGM exemption and  a member requests for an  AGM to be held after the company has filed an AR, the company is required to lodge a “Notification of AGM” online through BizFile+. The following information is required in the form:

  1. Date of member’s request for AGM to be held; and
  2. Date of AGM

Upon filing of the Annual Return (AR) in ACRA’s online filing system, BizFile+, a late lodgement fee will be imposed for the late filing of the AR. ACRA may separately take enforcement action for the AGM and AR breaches which includes offering of composition sum or prosecution action.

The report release date is the date on which an auditor allows a client to use the auditor's report as an accompaniment to the client's financial statements. The Public Company Accounting Oversight Board sets a maximum number of days following the report release date that an auditor has in which to complete the audit documentation for the related audit.

The auditor should not date the report earlier than the date on which all other information contained in a report of which the audited financial statements form a part have been approved by the directors, and the auditor has considered all necessary available evidence.

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1 See AS 2905, Subsequent Discovery of Facts Existing at the Date of the Auditor's Report, regarding procedures to be followed by the auditor who, subsequent to the date of his report upon audited financial statements, becomes aware that facts may have existed at that date which might have affected his report had he then been aware of such facts.

What is the period of audit?

An audit period is typically six months or twelve months, and the auditor issues an opinion and performs testing on controls that were in place over a period of time.

Which date is mentioned in audit report?

. 01 The auditor should date the audit report no earlier than the date on which the auditor has obtained sufficient appropriate evidence to support the auditor's opinion. Paragraph .

What is the report release date?

The report release date is the date on which an auditor allows a client to use the auditor's report as an accompaniment to the client's financial statements.