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S'pore firms take longer to close books: survey

Audit costs also higher; S'pore's role as regional HQ hub a possible reason

Published Tue, May 27, 2014 · 10:00 PM

SINGAPORE companies take about one-and-a-half times longer to close annual and quarterly books and incur twice the audit costs compared to their global peers, according to a survey conducted by the Institute of Singapore Chartered Accountants (ISCA) and SAP for the accountancy sector.

The average Singapore company took 27.9 days to close annual books compared with 18.5 days for the average global peer.

Audit cost as a percentage of revenue for the average Singapore company was 0.12 per cent, compared with 0.06 per cent for the average global peer.

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Companies & Markets

Companies & Markets

S'pore firms take longer to close books: survey

Companies & Markets

Mastercard’s profit beats as consumer spending defies inflation worries

Google’s payments to Apple reached US$20 billion in 2022, antitrust court documents show

DBS Q1 profit up 15% to S$2.96 billion; interim dividend at S$0.54

Qualcomm forecast beats estimates as AI drives chip sales in China

eBay forecasts Q2 revenue below estimates as consumer spending remains strained

AIG beats profit estimates on underwriting strength

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