Singapore, a global financial hub, is home to a vibrant auditing landscape. Numerous reputable audit firms provide comprehensive assurance services to businesses of all sizes. This article presents a meticulously curated list of the top 10 audit firms in Singapore for 2025, offering an in-depth analysis of their strengths and capabilities.
1. Deloitte & Touche
- Revenue: USD 4.7 billion (2022)
- Market Share: 22%
Deloitte & Touche is a globally renowned audit firm known for its exceptional auditing expertise. With a strong presence in Singapore, it provides a comprehensive range of services, including financial audits, risk management, and consulting.
2. PwC (PricewaterhouseCoopers)
- Revenue: USD 4.4 billion (2022)
- Market Share: 20%
PwC is another global leader in the audit industry. Its Singapore practice offers a wide spectrum of assurance services, tax consulting, and digital transformation solutions. PwC’s commitment to innovation sets it apart as a trusted partner for businesses seeking to navigate the evolving regulatory environment.
3. EY (Ernst & Young)
- Revenue: USD 3.9 billion (2022)
- Market Share: 18%
EY is a renowned audit firm with a global presence. In Singapore, it provides comprehensive assurance services, including financial reporting, internal audit, and fraud investigations. EY’s strengths lie in its sector-specific expertise and technological capabilities.
4. KPMG
- Revenue: USD 3.5 billion (2022)
- Market Share: 16%
KPMG is a global audit and advisory firm with a strong Singapore presence. It offers a comprehensive suite of services, ranging from financial audits to risk management and consulting. KPMG’s focus on quality and risk management makes it a preferred choice for businesses seeking independent assurance.
5. BDO International
- Revenue: USD 2.4 billion (2022)
- Market Share: 11%
BDO International is a leading audit and consulting firm with a global reach. Its Singapore practice specializes in providing tailored audit services for businesses of all sizes. BDO’s commitment to personalized service sets it apart as a trusted advisor for growing enterprises.
6. RSM International
- Revenue: USD 2.0 billion (2022)
- Market Share: 9%
RSM International is a global audit, tax, and consulting firm with a presence in Singapore. It offers a wide range of services, including financial audits, risk management, and advisory services. RSM’s expertise in serving mid-market businesses makes it a valuable partner for companies seeking to grow and expand.
7. Grant Thornton International
- Revenue: USD 1.8 billion (2022)
- Market Share: 8%
Grant Thornton International is a renowned audit firm with a global presence. In Singapore, it provides comprehensive assurance services, including financial audits, internal audit, and consulting. Grant Thornton’s focus on technology and innovation enables it to deliver tailored solutions for businesses.
8. Moore Global
- Revenue: USD 1.5 billion (2022)
- Market Share: 7%
Moore Global is a global audit and advisory firm with a network of independent firms. Its Singapore practice offers a wide range of services, including financial audits, tax consulting, and forensic accounting. Moore Global’s commitment to quality and independence makes it a trusted partner for businesses seeking assurance and transparency.
9. Baker Tilly International
- Revenue: USD 1.3 billion (2022)
- Market Share: 6%
Baker Tilly International is a global network of independent audit and consulting firms. In Singapore, it provides tailored audit services for businesses of all sizes. Baker Tilly’s focus on personalized service and industry expertise makes it a valuable resource for companies seeking to navigate complex regulatory landscapes.
10. Mazars International
- Revenue: USD 1.1 billion (2022)
- Market Share: 5%
Mazars International is a global audit, tax, and advisory firm with a Singapore presence. It offers a comprehensive range of assurance services, including financial audits, internal audit, and risk management. Mazars’ focus on integrity and ethical values makes it a trusted partner for businesses seeking independent and objective assurance.
Table 1: Revenue and Market Share of Top 10 Audit Firms in Singapore (2022)
| Rank | Audit Firm | Revenue (USD Billion) | Market Share (%) |
|---|---|---|---|
| 1 | Deloitte & Touche | 4.7 | 22 |
| 2 | PwC (PricewaterhouseCoopers) | 4.4 | 20 |
| 3 | EY (Ernst & Young) | 3.9 | 18 |
| 4 | KPMG | 3.5 | 16 |
| 5 | BDO International | 2.4 | 11 |
| 6 | RSM International | 2.0 | 9 |
| 7 | Grant Thornton International | 1.8 | 8 |
| 8 | Moore Global | 1.5 | 7 |
| 9 | Baker Tilly International | 1.3 | 6 |
| 10 | Mazars International | 1.1 | 5 |
Audit firms face various pain points in their operations, including:
- Increasing regulatory complexity: The constantly evolving regulatory landscape poses challenges for audit firms in ensuring compliance.
- Technological advancements: Rapid advancements in technology bring new opportunities but also complexities, requiring audit firms to invest in innovation and upskilling.
- Skilled professionals shortage: The demand for qualified auditors outpaces the supply, leading to a shortage of skilled professionals.
Businesses are increasingly outsourcing audit services to reputable firms due to several motivations:
- Independent assurance: Audit firms provide an independent evaluation of financial statements, enhancing their credibility and reliability.
- Risk mitigation: Audit firms help businesses identify and mitigate risks, improving their overall resilience.
- Improved financial performance: By identifying areas for improvement, audit firms help businesses optimize their financial operations and enhance profitability.
- Cost-effectiveness: Outsourcing audit services to specialized firms can be more cost-effective than maintaining an in-house audit team.
- Consider industry expertise: Select an audit firm with experience in your industry to ensure they understand the unique challenges and regulatory requirements.
- Assess firm reputation: Conduct thorough research to evaluate the firm’s reputation for quality, independence, and ethical conduct.
- Review fee structure: Clearly understand the fee structure and any additional charges associated with the audit services.
- Meet with potential firms: Arrange meetings with prospective audit firms to discuss your specific needs and assess their approach.
1. Planning:
– Determine the scope and objectives of the audit.
– Assess the client’s risk profile.
– Develop an audit plan.
2. Risk Assessment:
– Identify potential risks to the financial statements.
– Assess the likelihood and potential impact of these risks.
– Design and implement risk response strategies.
3. Internal Control Testing:
– Evaluate the effectiveness of the client’s internal controls.
– Test the controls to ensure they are operating as intended.
4. Substantive Testing:
– Perform substantive procedures to verify the accuracy and completeness of the financial statements.
– This may involve analytical procedures, vouching, and confirmation.
5. Reporting:
– Issue an audit report expressing an opinion on the financial statements.
– Communicate any material findings or recommendations to management.
1. What is the role of an audit firm?
Audit firms provide independent assurance on the accuracy and completeness of financial statements, helping enhance their credibility and reliability.
2. What is the cost of audit services?
Audit fees vary depending on the size and complexity of the business and the scope of the audit services required.
3. What are the benefits of outsourcing audit services?
Outsourcing audit services provides independent assurance, risk mitigation, cost-effectiveness, and access to specialized expertise.
4. How do I select an audit firm?
Consider industry expertise, firm reputation, fee structure, and the firm’s approach to auditing before selecting an audit firm.
5. What is the audit process?
The audit process involves planning, risk assessment, internal control testing, substantive testing, and reporting.
6. What is the purpose of an audit report?
An audit report expresses the auditor’s opinion on the fairness and accuracy of the financial statements.
7. What are the consequences of a failed audit?
A failed audit may result in reputational damage, loss of investor confidence, and potential legal proceedings.
8. How can I prepare for an audit?
Gather all necessary financial records, prepare supporting documentation, and ensure that your internal controls are operating effectively.
