WZWU & Partners

When it comes to business compliance in Singapore, one area that continues to draw attention is the GTO audit . For many companies, understanding what this audit involves—and more importantly, what documents are required—can make the difference between smooth compliance and unnecessary stress. At WZWU & Partners, we often see businesses worried not because the process is overly complicated, but because they are unclear about what needs to be prepared in advance. This article will break down the essential documents required for a GTO audit in Singapore in 2025, explain why they matter, and offer some practical tips to stay ahead of the process. What Is a GTO Audit? Before we dive into documents, it’s important to quickly revisit what a GTO audit actually is. GTO stands for “Gross Turnover,” and this audit is primarily aimed at verifying a business’s revenue records to ensure they align with statutory and regulatory requirements. The purpose of a GTO audit in Singapore is straig...

Audits are essential for ensuring financial accuracy, regulatory compliance, and operational efficiency. However, businesses often struggle to understand whether they need   internal audits, external audits, or both. While both serve the purpose of evaluating financial and operational processes, their objectives, scope, and execution differ significantly. This guide breaks down the key differences between internal and external audit services , helping businesses determine which type best suits their needs.   1. What Is an Internal Audit? An internal audit is conducted by a company’s own employees or an outsourced internal audit team. Its primary goal is to improve internal controls, risk management, and operational efficiency. Key Characteristics of Internal Audits: Conducted by in-house or outsourced internal auditors Focuses on process improvement and risk mitigation Ongoing and flexible in scope Reports to management and the board of di...

Running a Management Corporation Strata Title (MCST) comes with many responsibilities — and one of the most important is keeping your finances in order. An MCST audit is not just a legal requirement in Singapore, it’s also essential for ensuring transparency, accountability, and trust among property owners. If your accounts are disorganised, an audit can quickly turn stressful. But with the right preparation, the process can be smooth and straightforward. Here’s how you can get your accounts ready for a stress-free MCST audit.   1. Know What the Audit Covers Before you start preparing, understand what the auditors will be looking at. In most MCST audits, they will review: All income and expense records Bank statements and reconciliations Contracts, invoices, and payment vouchers Sinking fund and management fund accounts Petty cash records Having a clear picture of the audit scope helps you focus on gathering the right documents.   2. Keep Your Financia...