Lucky Draw Audit

Scope of work for lucky draw audit

• Verify the procedures for lucky draw and confirm all the participants have equal chance of being selected.
• Witness draw proceedings which include the verifying of the winners and terms and conditions of the draw.
• Prepare an audited statement of account.

As part of the legal requirements, we will prepare an audited statement of account attention to CID which includes the following:

• SCPB Reference No.
• Full particulars of all the winners in the various categories and the type of prizes won.
• A copy of the newspaper cutting or screenshot of the website showing the details of the draw and the results if the prizes exceed S$10,000.
• State whether all winners have claimed the prizes.
• Attach the original acknowledgement receipts of prizes by the winners.
• For prizes which are not won or remain unclaimed for 2 months after the determination of the winners, or their equivalent, to determine which charitable organization (approved by the Minister) to have the prizes donated to. This has to be attached with a copy of receipt by the charitable organisation.
• Consolidate all information required for submission to SCEB/CID within 3 months from the announcement of result.

Consolidate all information required for submission to SCEB/CID within 3 months from the announcement of result.

Agreed Upon Procedures

Have you realized that financial statement alone does not effectively communicate opportunities or business risks of a company? An agreed upon procedure is a special purpose audit performed by a public accountant on a specific test or business process outline by the company.

These engagements will generally involve:

• Cost /expense verification for third parties such as EDB;
• Revenue verification for third parties such as the landlord;
• Compliance with contracts;
• Royalty examinations;
• Franchising services;

Any other special reporting.

Due Diligence for Mergers & Acquisitions

Searching for ways to increase the chances of having a successful mergers and acquisition? Based on research, an effective pre-acquisition due diligence help companies to better study the business and operational risks, analyses financial and operational health, set negotiation parameters, challenge valuation assumptions, uncover potential liabilities exposure and understand the integration risk. At OA Assurance, we conduct strict and effective due diligence for our clients considering a merger or acquisition.

These engagements will generally involve:

• In-depth analysis of historic performance,
• Cash flows; a critique of management’s forecasts, including the working capital requirements; and

Review of the underlying financial systems and controls.