Every business is unique, so are the priorities and concerns of every Board, every entrepreneur and every team.

At Apsolute, we provide special audit engagements tailored to your needs.

Inventory Audit

Accurate stock counts and reconciliations are crucial information in the computation of a business’ cost of sales. Regardless of the inventory system you are using, we provide an independent third-party audit of your inventory. This provides assurance that the information you receive for your inventory and related cost of sales are accurate and unbiased, so you make the best decisions for your business.

Audit of Charities and Institutions of a Public Character (IPCs)

If you are the head of a charity or IPC, you may need an audit of your organizations to ensure compliance with IMC’s (Inter Ministry Committee) recommendations for IPCs mandatory rules and best practices.

All IPCs are encouraged to comply with FRS (Financial Reporting Standards) and RAP 6 (Recommended Accounting Practice) for charities issued by the Institute of Certified Public Accountants of Singapore as a best practice.

Audit of Lucky Draws

Any public lottery conducted by a business organization for the purposes of promoting the sale of any product or products, or services shall be exempted from the provisions of the Common Gaming Houses Act if the conditions set out in paragraphs 3 and 5 of the Common Gaming Houses (Exemption) Notification 1997 (in Annex A) are complied with.

Any business organization which provides a remote gambling service for individuals to participate in its customer lottery by the use of remote communication is exempt from sections 10, 11, 12 and 13 of the Remote Gambling Act if the conditions set out in paragraphs 4, 6 and 7 of the Remote Gambling Act (Exempt Persons) Order 2015 (in Annex A) are complied with.

Notification and publicity material (if any) are to be submitted at least 4 weeks before the launch of the promotion to:

Head
Specialized Crime Policy Branch / CID
Block C Police Cantonment Complex
391 New Bridge Road Singapore 088762
Attn: Lucky Draw Administrator
FAX: 62207142
E-mail: SPF_Lucky_Draw@spf.gov.sg

We will witness the draw proceeding; verify the lucky draw winners and terms and conditions to ensure compliance.

We will prepare an audited statement of account to CID as part of legal requirements which includes:

• SCPB Reference No.
• Full particulars (Name, NRIC No. & address) of all winners in the various categories and the type of prizes won.
• Where the total value of the prizes exceeds $10,000/-, a copy of the newspaper cutting or screenshot of the online website showing the details of the draw and the results is to be enclosed. This is required under para 3(b) & 5(1)(e) of the Common Gaming Houses (Exemption) Notification 1997 or para 4(4)(b) of Remote Gambling Act (Exempt Persons) Order 2015.
• Whether all the winners have claimed the prizes.
• Attaching the original acknowledgment receipts of prizes by the winners.
• For prizes, which are not won or remain unclaimed 2 months after the determination of the winners, or their equivalent value, and are donated to the Community Chest or an approved charitable organization (to check with National Council of Social Services), a copy of the acknowledgment receipt from the organization concerned shall be enclosed.
• Where the prizes are distributed directly to the participants at the point-of-purchase, the total quantity of redeemed and unredeemed prizes, types and value are to be submitted to the above authority, within 3 months of the termination of the lottery. For unredeemed prizes that are donated, a copy of the acknowledgment receipt from the organization concerned shall be enclosed.

The audited statement of account, containing the above information, shall be submitted by AR registered post within 3 months of the draw to:

Head
Specialized Crime Policy Branch
Specialized Crime Division
Criminal Investigation Department
Attn: Lucky draw Administrator
Police Cantonment Complex
391 New Bridge Road
Singapore 088762

Source: Singapore Police Force

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