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What We Do
L L Low & Associates strive to be recognised as a highly professional firm acting with excellent quality of service and integrity for the enrichment of our clients, staff and the community. Constantly adding value to our clients’ businesses by adopting new technologies and enhancing our resources. We are known for our excellent quality of work, competency, integrity, efficiency and proactive approach.
Audit and Assurance
The solution we provide our clients is growing in tandem with the demands of companies and stakeholders. Digitalization, rapidly emerging technology, regulatory complexities, and change are all major influences on today’s company status and operations.
We leverage our strong technology to provide trust on shifting business demands and stakeholder expectations, with excellence at the center of our operation and a variety of services. We collaborate with you to create transparency across financial and non-financial reporting by taking a comprehensive picture of your organization.
Our team has the knowledge and experience in all aspects of audit and assurance. We have worked on many external audits and have been maintaining an excellent track record.
Our audit and assurance services include the following:
- Statutory audit for regulatory compliance
- Non-statutory assurance engagements
Gross Turnover Audit (GTO)
A Gross Turnover Audit (GTO Audit) is a one-time audit of a Licensee’s gross sales turnover schedule in regard to all licensable activities under the Licensor’s Lease Agreement to run Business in Singapore. The audit is necessary for merchants and commercial real estate agents in shopping centers. The schedule of gross sales turnover must meet the Licensor’s requirements for determining the Licensee’s annual license fee.
The tenancy agreement between the landlord and the tenant has a general clause requiring the tenant to provide an auditor-certified monthly sales report for the leasing of premises within the time frame specified from the tenant’s financial year end.
The licensee/tenant is required to employ an auditor to review its records and produce a certificated report to the property management in order for the certified report to authenticate the quantity of sales for the relevant time. The auditor’s certified report establishes that the financial accounts give an accurate and fair picture of the monthly gross sales turnover.
Conducting a GTO Audit has a lot of advantages:
- It gives confidence and ensures that the lease agreement is followed.
- The landlord has reasonable certainty that the gross sales figure on the financial statement is correct and full.
- By detecting any unrecorded money, a good gross revenue audit may decrease revenue leakage and hence increase the tenant’s profitability.
Special Purpose Audit
Due to the increasing complexity of the business environment, businesses may need to undertake special purpose audits for a variety of operational reasons in order to meet various management goals and demands. We have extensive auditing expertise for a variety of reasons in a variety of sectors. The audits and expert guidance supplied by the auditors can supply investors with credible proof.
The auditor’s reports are generated by conducting a special purpose audit based on the following financial messages:
- Prepare the financial statement on the basis of the unique foundation (e.g. tax basis, cash basis system, the report requirements of regulators)
- One or more financial statement components
- Financial statements in brevity
- Special Audit Based on Managerial Level Requirements
Technical On-Call Advisory
Due to rapid changes to accounting standards in recent years, the audit and assurance requirements are becoming more complex. With increasing complexity, companies need to ensure contracts and transactions are assessed for compliance with up-to-date accounting standards.
Our professional team can help you with following:
- Reviewing of existing contracts to identify any effect under new guidance
- Providing suggestions on accounting documents and disclosures under new standards
- Performing computations for transitional periods
- Guiding of team on new standards and how it may affect the organization
Agreed-Upon Procedures (AUP) Reports
We are experienced in creating agreed-upon procedures (AUP) reports to help your company and any involved third parties understand and agree on the factual findings.
Agreed-upon procedures (AUP) reports let you assess the procedures and findings, and draw your own conclusions from our auditor’s work.
An agreed-upon procedures (AUP) report is useful for the following:
- Income and expenditure certification grant disbursement statements
- Lucky draw under common gaming houses (exemption) notification
L L Low & Associates | Who We Are
L L Low & Associates is a Chartered Accountants and professional audit firm in Singapore that provides a suite of audit and assurance services to help companies better focus on driving their business forward.
Whether you’re a small business startup or a multinational corporation, we are equipped to help you handle and manage your audit, assurance and financial work.
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Why We Are Different
We go the extra mile
We are more than just accountants and auditors. We are your innovative and trusted business partners, here to provide the solutions to help you overcome your business challenges.
Tailor-made solutions
Regardless of the size of your company, we’ve got a solution for you – our suite of services are curated to fit your business goals.
Wide network of industry experts
Leverage the expertise of our network of consultants and partners to tackle complex issues across the evolving financial landscape.
Our Accreditations
