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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
Add BT as a preferred sourcePublished Tue, May 27, 2014 · 10:00 PM
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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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