Good afternoon everyone, my name is Chloe Tan. I
am the website content writer at Healy Consultants based in Singapore. I have with me today
my colleague Caroline Devet. She is one of our accounting and tax officers and
she is based in our Malaysia office. Hi Caroline, how are you today? Hi Chloe. I am
good thank you. How are you? Fabulous, thank you. Okay, so today we are talking about a Singapore
engagement that you recently completed, yes? Yes. Okay. Could you just tell me and the audience a
little bit about the clients, where they fit in, what business activity they have and what
the services that they want us to provide? Sure. So the client is based in Qatar
so the management is based in Qatar and then the client engages us for
annual accounting and tax filing for this entity.
So basically their
Singapore entity was a, their main business activity is a holding company for
the beneficiary owners in Qatar. So yeah, the company has invested in their subsidiaries in
Qatar. Okay understood. Were there any challenges to this pretty simple engagement? Yes. So for this
engagement, initially we thought that it would be like a very straightforward since the company is
dormant but during the engagement we realized that this Singapore entity has invested in the
subsidiary and all the shared capital has been paid. In that case, the company is required
to prepare a consolidated financial statement. So immediately we inform client regarding the requirement and then client engage us to
prepare the consolidated financial statements. I see. So like did that take longer than
usual? Yeah. So usually for dormant entities, we will require like within one to two months
to complete the engagement but for this company, since we need to prepare a consolidated financial
statement, it takes quite longer than expected. Like how long would you say? So we engaged our
auditor in December to finalize the consolidated financial statement for this entity and it takes
around two months for us to finalize the report. Okay, okay.
So a bit longer
but like everything else, it was fine. It just took a little more effort,
yes? Yes, correct. Okay, finally Caroline, like would you say there were any highlights or
key takeaways you could from this engagement? Maybe I could say about the consolidated financial
statement requirement in Singapore. So if the entity was invested in the subsidiaries then
I believe they are required to prepare this consolidated financial statement. Ah okay,
well thank you so much for your time today. I appreciate it. Thank you. Yeah, thank
you. Have a nice day. Have a nice day..