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Data room for statutory audits

Short answerSingapore companies that must be audited under the Companies Act share hundreds of schedules and documents with auditors each year. A data room organised by the auditor's request list cuts emails and gives both sides a record of what was provided.

How it works in Singapore

Companies that do not qualify for the small company audit exemption have annual statutory audits. Groups with regional subsidiaries coordinate several audit teams.

Best data rooms for statutory audits

Our five measures re-weighted for this use case, with a small bonus for rooms built for it. Prices before 9% GST.

  1. 1 Ellty ~S$191/mo 9.4 Visit Ellty
  2. 2 iDeals On quote 8.6
  3. 3 Ansarada On quote 8.4
  4. 4 Datasite On quote 8.4
  5. 5 Firmex On quote 8.3
  6. 6 Box ~S$19/user/mo 8.2
  7. 7 SecureDocs ~S$320/mo 8.2
  8. 8 Drooms On quote 8.1
  9. 9 Citrix ShareFile ~S$70/mo 8.1
  10. 10 Intralinks On quote 8.0
22%Security19%Deal tools17%Permissions21%Ease of use20%Cost

Folder index for statutory audits

01
PBC listAuditor's request list with status.
02
Trial balance and schedulesYear-end schedules.
03
Contracts and confirmationsSupporting documents.
04
Board papersMinutes and approvals.
05
SubsidiariesComponent audit packs.

Singapore rules that apply

Companies Act

Companies must have accounts audited unless exempt, and keep proper accounting records.

More detail: Companies Act and ACRA.

Features you need

FeatureWhy it matters hereRooms in our top 10 that list it
Folder uploadA whole folder tree goes up in one drag, keeping its numbering.10 of 10
Audit trailTime-stamped history of who opened, printed or downloaded each document, exportable for a dispute, insurer or regulator.10 of 10
Q&A workflowBidders post a question against a file; your team drafts, approves and publishes the reply, and the whole thread is kept.8 of 10

How to set it up

  1. Mirror the PBC listOne folder per request.
  2. Reuse each yearRoll forward the structure.

Mistakes to avoid

  • Files emailed and lost.
  • Duplicate versions of schedules.

Questions people ask

Which companies need an audit in Singapore?

Companies that do not qualify as small companies under the Companies Act audit exemption criteria, among others.

Can auditors upload too?

Yes, many rooms allow two-way upload with permissions.

Is a data room overkill for audits?

For groups with many requests and entities, it saves time and creates a record.