Why Compliance Reviews Are on the Rise

Singapore prides itself on being a transparent, pro-business environment. To maintain this standard, agencies like the Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS) regularly conduct compliance reviews.

These reviews ensure businesses are submitting accurate financials, paying the correct taxes, and maintaining proper records. Understanding how reviews work helps you respond effectively and avoid penalties.

What Is a Compliance Review?

A compliance review is not an audit, but it’s a formal examination of your business’s records, filings, or declarations. It’s usually triggered by:

  • Inconsistencies in filings

  • Late submissions

  • Random selection

  • Industry-specific checks

  • Business claims (e.g., tax reliefs or deductions)

Types of Compliance Reviews

ACRA Compliance Review

Focuses on your corporate governance and statutory obligations:

  • Annual Return filing

  • AGM documentation

  • Maintenance of registers and resolutions

  • Appointment of a qualified company secretary

IRAS Compliance Review

Covers tax compliance and financial reporting:

  • Accuracy of income declarations

  • GST filings (if registered)

  • CPF contributions (in coordination with CPF Board)

  • Validity of tax reliefs and deductions

  • Proper classification of expenses

What You’ll Be Asked to Submit

Depending on the review type, you may need to provide:

  • Financial statements (audited or unaudited)

  • Tax computation worksheets

  • Bank statements and supporting invoices

  • Shareholders’ and directors’ resolutions

  • Payroll and CPF payment records

  • GST submissions and tax invoices

IRAS may also request documents from past financial years — up to 5 years back.

What Happens If Issues Are Found?

If discrepancies or errors are found:

  • You may receive a warning or notice of correction

  • Late penalties, fines, or back taxes may be imposed

  • You might be subjected to an official audit in serious cases

  • Directors can be held responsible for deliberate non-compliance

How to Respond Effectively

  • Act Promptly: Delays in responding increase scrutiny.

  • Be Transparent: Declare mistakes if found — honesty often leads to lighter penalties.

  • Keep Proper Records: IRAS and ACRA expect clear documentation, not just spreadsheets.

  • Get Professional Help: Engage experts to represent you and handle back-filings or corrections.

How Excellence Singapore Helps You

We help companies facing ACRA or IRAS reviews by:

  • Reviewing and correcting financial statements

  • Responding to compliance notices professionally

  • Preparing missing documents or statutory registers

  • Liaising directly with officers on your behalf

  • Cleaning up records to prevent future reviews

Whether you’re under review or just want to stay prepared, our team ensures you stay compliant and protected.

Conclusion: Stay Audit-Ready, Always

An ACRA or IRAS compliance review is manageable — if you’re properly guided. With professional oversight and timely documentation, your business can maintain full compliance and credibility.

Contact us if you’ve received a review notice or want to audit-proof your business operations.