Singapore’s audit framework changed materially in 2025. Under amendments introduced through the Companies (Amendment) Act and corresponding changes to the Accountants Act, audit reports for Singapore companies must now identify the individual public accountant (PA) who conducted the audit — not just the audit firm. For directors and company secretaries, this is not a back-office technicality. It creates a new verification obligation that, if overlooked, can expose the company to regulatory scrutiny and render audit reports non-compliant.

This guide explains what the change requires, why it was introduced, and exactly what directors must check before accepting an audit report as complete.

What Changed Under CALA 2025

Prior to 2025, Singapore audit reports typically identified only the audit firm — for example, “Ernst & Young LLP” or “Tan & Associates PAC”. The individual practitioner who led the engagement was not required to be named in the report itself, even though ACRA’s records would identify who signed off internally.

The Companies (Amendment — Miscellaneous Amendments) Act 2025 (commonly referred to as CALA 2025) amended the Companies Act (Cap. 50) to require that audit reports explicitly state the name of the individual public accountant who conducted the audit on behalf of the firm. This individual must be a registered public accountant under the Accountants Act (Cap. 2) and must be the practitioner who took primary responsibility for the engagement.

The rationale mirrors international developments. The US Public Company Accounting Oversight Board (PCAOB) has long required engagement partner disclosure. The UK Financial Reporting Council mandates named auditor disclosure. Singapore’s move aligns the country with these standards, reinforcing accountability and enabling shareholders and directors to identify precisely who is responsible for the audit opinion.

Why This Matters for Directors

Directors bear primary responsibility for ensuring that the company’s financial statements give a true and fair view and that the audit process is properly carried out. Under Section 201 of the Companies Act, directors must lay before the company at its annual general meeting financial statements that comply with the Act.

If an audit report does not comply with the new naming requirement, it is technically deficient. A deficient audit report may mean:

1. The Financial Statements Cannot Be Adopted

Shareholders at the AGM adopt the audited financial statements. If the audit report is non-compliant, the financial statements underlying it may be challenged. This is particularly material for companies seeking to lodge financial statements with ACRA through BizFile+.

2. Filing Obligations May Be Missed

Singapore companies are required to file annual returns with ACRA within specified timeframes — generally within 7 months of the financial year-end for companies not listed on a stock exchange. A deficient audit report can delay the adoption of financial statements and consequently delay or complicate annual return filing.

3. Regulatory Exposure for Directors

Directors who knowingly accept and lodge deficient documents may attract personal liability. ACRA has powers under the Companies Act to take enforcement action against directors who fail to comply with statutory requirements. While enforcement for this specific issue is still developing, the underlying principle — that directors must satisfy themselves that filed documents are compliant — is well established.

What Must an Audit Report Now Include

A compliant audit report for a Singapore company (post-CALA 2025) must include all of the following:

The Audit Firm’s Name and Registration

The public accounting firm must be identified by its registered name and its Public Accountant Registration Number (PARN) or equivalent registration details as recorded with ACRA.

The Individual Public Accountant’s Name

The name of the individual practitioner who conducted the audit — that is, the engagement partner or equivalent — must be stated clearly. This individual must be a public accountant registered under the Accountants Act. The registration can be verified through ACRA’s public register of public accountants.

The Individual PA’s Registration Number

In addition to the name, the individual PA’s registration number must appear. This allows ACRA and third parties to verify the practitioner’s registration status quickly and unambiguously, particularly where common names are involved.

The Signature

The audit report must be signed. The signature must be that of the individual PA, not merely the firm’s rubber stamp. Where the report is filed electronically, the applicable electronic signature requirements apply.

Date of the Audit Report

This is not a new requirement, but it remains essential. The date must reflect when the auditor completed the procedures sufficient to sign the report.

What Directors Must Verify: A Step-by-Step Checklist

When you receive a draft or final audit report from your auditors, run through the following checks before accepting it:

Step 1: Confirm the Individual PA’s Name Is Stated

Read the audit report carefully. The individual PA’s full name — as it appears on the ACRA register — must be present in the report. Do not accept a report that names only the firm.

Step 2: Cross-Reference Against the ACRA Register

Navigate to ACRA’s public register of public accountants at acra.gov.sg and verify that:

(a) The individual PA is listed as a registered public accountant;
(b) The registration is current (not lapsed, cancelled, or suspended); and
(c) The individual is authorised to audit the type of company involved (e.g., listed vs. non-listed).

Step 3: Confirm the Registration Number Matches

The registration number stated in the audit report must match what appears on the ACRA register. A mismatch — even a typographical error — should be flagged to the auditor for correction before the report is accepted.

Step 4: Verify the Signature

The audit report must be signed by the named individual PA. If the report bears only a firm stamp or is signed by someone whose name does not match the stated individual PA, it is deficient.

Step 5: Check the Date

The date of the audit report should be after the date on which the directors approved the financial statements. If the date sequencing is incorrect, this is an audit quality issue that must be raised with the auditors.

Step 6: Retain a Copy

Retain a signed copy of the compliant audit report in the company’s records. This is part of the company’s statutory books and must be available for inspection under the Companies Act.

What to Do If the Audit Report Is Non-Compliant

If your audit report does not include the individual PA’s name and registration number as required, do not present it to shareholders or lodge it with ACRA. Instead:

Revert to your auditors immediately and request a corrected report. Explain specifically what is missing (the individual PA’s name and registration number). Your auditor should reissue the report with the required information.

If your auditors are unaware of the CALA 2025 requirement, this itself is a concern. Registered public accountants in Singapore are expected to remain current with legislative changes affecting their practice. You may wish to raise this with the engagement partner directly or, in more serious cases, escalate to the audit firm’s quality control partner.

Do not be pressured into accepting a non-compliant report on the basis that “this is how it has always been done”. The responsibility ultimately rests with the directors to ensure compliance.

Does This Apply to Exempt Private Companies?

Audit exemptions remain available for qualifying small companies and small groups under the Companies Act. If your company qualifies for audit exemption, you are not required to have audited financial statements at all — and accordingly the audit report naming requirements do not apply.

However, if your company is required to be audited (because it does not qualify for exemption, or because it has been directed to audit by shareholders or creditors), the new requirements apply in full.

To qualify for audit exemption, a company must satisfy at least 2 of the following 3 criteria for the current and immediately preceding financial year:

— Annual revenue not exceeding S$10 million
— Total assets not exceeding S$10 million
— No more than 50 employees

Additionally, the company must not be a subsidiary of a group that fails to qualify as a small group.

If you are unsure whether your company qualifies for audit exemption, speak with your company secretary or accounting team.

Practical Implications for Company Secretaries

Company secretaries play a critical role in the audit cycle. It is typically the company secretary who:

— Coordinates the annual general meeting at which financial statements are laid before shareholders;
— Ensures the annual return is filed with the required attachments; and
— Maintains the statutory books and registers.

Given these responsibilities, company secretaries should incorporate the CALA 2025 audit report check into their annual compliance workflow. A simple checklist — confirming the individual PA’s name, registration number, and signature before documents go to the AGM — will mitigate the risk of a deficient report being adopted.

How Singapore Secretary Services Can Help

At Singapore Secretary Services, our compliance team assists directors and business owners with all aspects of annual compliance — from coordinating with auditors to preparing AGM resolutions and lodging annual returns with ACRA.

If you have received an audit report and are unsure whether it meets the post-CALA 2025 requirements, we can review it and advise you on the next steps.

Contact us today for a free consultation:

📧 [email protected]
📞 +65 3138 4052
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Our team of experienced company secretaries and compliance professionals is ready to assist you.

Singapore Secretary Services Pte Ltd is a licensed corporate secretarial firm. This article is for general information only and does not constitute legal advice. Directors should seek professional advice specific to their circumstances.