Audit and Assurance Services in Malaysia
FastLane Group prioritizes delivering high-quality Audit & Assurance services. Our committed team serves as your trusted advisor, leveraging a vast global network and in-depth local business knowledge to provide excellent value across diverse industries. Trust us to navigate the ever-changing economic climate, ensuring transparency, regulatory compliance, and informed decision-making for your sustained success.
Why FastLane 
Audit Report
We can help to assure compliance with applicable reporting standards and identification of internal control issues
Xero Based Audit
Paperless with our Xero audit engagement. You will experience a seamless and time-efficient audit engagement using Xero accounting software
Tax Computation
Having an accurate tax computation is critical to the company. Partnering with a professional like us can help you keep your tax computation compliant and hassle-free
Talk with our local consultant to learn more about audit and assurance services near you.
Contact UsElevating Financial Confidence with Our Professionals
Statutory Audit
Conducting mandatory audits of financial statements to ensure compliance with local regulations and accounting standards
Internal Audit
Evaluating internal controls, risk management processes, and operational efficiency to provide independent assessments and recommendations for improvement
Financial Statement Audit
Examining financial records, transactions, and disclosures to verify their accuracy, completeness, and adherence to accounting principles
Compliance Audit
Assessing compliance with specific laws, regulations, or industry standards to identify any deficiencies and recommend corrective actions
Due Diligence Audit
Conducting thorough financial investigations and assessments to evaluate the financial health and risks associated with potential business acquisitions or mergers
Special Purpose Audit
Performing audits for specific purposes such as forensic investigations, fraud detection, or agreed-upon procedures tailored to meet unique client needs
Internal Control Review
Assessing the design, implementation, and effectiveness of internal controls to identify weaknesses and provide recommendations for strengthening them
Audit of Non-Profit Organizations
Conducting audits for non-profit organizations to ensure accountability, transparency, and compliance with applicable regulations
Consolidated Financial Statements Audit
Auditing consolidated financial statements for groups of companies to verify their accuracy, intercompany transactions, and elimination of any duplication or errors
Sustainability Audit
Evaluating the environmental, social, and governance (ESG) performance of organizations to assess their sustainability practices and provide recommendations for improvement
Trusted by 1000+ business owners since 2013
Grana
“FastLane have supported our capital raising round by advising and building our financial models, setting up Xero and Unleashed inventory systems, so we can focus on growing our business.”
Nanoleaf
“FastLane is the perfect fit for startups that are looking for flexibility, trustworthy consulting, and someone that is willing to work with you to grow the business together.”
Soundbrenner
“FastLane has allowed us to spend less time on these parts of the business, and hence contributed to our successes in becoming a global music technology brand.”
Frequently Answered Questions
The Companies Act of Singapore states that all private limited companies must have their financial statements audited by a qualified public accountant at least once a year.
The Singapore Standards on Auditing (SSAs) are the auditing standards that apply to audits of financial statements in Singapore. The SSAs are issued by the Institute of Singapore Chartered Accountants (ISCA) and are based on the International Standards on Auditing (ISAs).
The SSAs are updated on a regular basis to reflect changes in the auditing environment and to ensure that they are aligned with international best practices.
All audits of financial statements in Singapore must be conducted in accordance with the SSAs. This is to ensure that audits are conducted in a consistent and high-quality manner, and that the results of audits are reliable and informative.
- Responsible for preparing the financial statements in accordance with applicable accounting standards.
- Responsible for providing the auditor with access to all relevant records and information.
- Responsible for responding to the auditor’s inquiries in a timely manner.
- Responsible for planning and conducting the audit in accordance with The Singapore Standards on Auditing (SSAs)
- Responsible for obtaining an understanding of the company’s internal controls and assessing their effectiveness.
- Responsible for performing tests of controls and substantive procedures to obtain evidence about the accuracy and completeness of the financial statements.
- Responsible for forming an opinion on whether the financial statements are prepared in accordance with applicable accounting standards and whether they give a true and fair view of the company’s financial position and performance.
- Responsible for issuing an audit report that communicates the auditor’s findings to the company’s management and shareholders.
- Responsible for ensuring that the financial statements are prepared in accordance with applicable accounting standards and that they give a true and fair view of the company’s financial position and performance.
- Responsible for signing the financial statements and the auditor’s report.
- Responsible for preparing the company’s tax return and filing it with the relevant tax authorities.
The workflow of a statutory audit in Singapore is typically as follows:
- The company submits its financial statements to the auditor.
- The auditor performs planning and risk assessment procedures.
- The auditor obtains an understanding of the company’s internal controls.
- The auditor performs tests of controls and substantive procedures.
- The auditor forms an opinion on the financial statements.
- The auditor issues an audit report.
- The company’s directors sign the financial statements and the auditor’s report.
- The company’s tax agent prepares the company’s tax return and files it with the relevant tax authorities.
The specific responsibilities of each party involved in a statutory audit may vary depending on the specific circumstances. However, the general workflow and responsibilities outlined above are typically followed in Singapore.
The auditor needs the company’s management accounts, which include:
- Trial balance
- Balance sheet
- Profit and loss statement
- General ledger
Once these accounts have been gathered, the auditor can begin auditing the company’s financial records. Along the way, the auditor will need to collect supporting documents to verify the entries in the management accounts.
Supporting documents that the auditor may need:
- Invoices
- Receipts
- Contracts
- Bank statements
- Other documents that support the entries in the management accounts
While you can conduct the internal audit yourself, you still need an external audit to certify your accounts and file your taxes with a tax agent. This is required by law under the Singapore Companies Act and other laws, such as the Income Tax Act 1947.
The external audit is conducted by a qualified auditor who is not affiliated with the company. This means that the external auditor is able to provide an objective opinion on the fairness of the company’s financial statements.
An audit firm can provide advisory services to help you make better decisions about your company’s finances:
- Tax planning: An audit firm can help you to identify tax deductions and credits that you may be eligible for. They can also help you to structure your business in a way that minimizes your tax liability.
- Risk management: An audit firm can help you to identify and mitigate risks to your company’s financial health. This can include risks such as fraud, errors, and compliance violations.
- Compliance: An audit firm can help you to ensure that your company is complying with applicable laws and regulations. This can include laws and regulations related to accounting, auditing, taxation, and other areas.
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