INTRODUCTION
The benefits of our Gross Turnover Audit Services are manifold. Assuming if you are a tenant in a Singapore shopping mall, you may be familiar with the term Gross Turnover Audit (GTO), also known as Gross Sales Audit, Gross Rental Audit, or Rental Audit. In this guide, we will explore what GTO is, why it is important, and the audit process.
What is Gross Turnover Audit (GTO)?
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GTO is an audit service that is used to verify the accuracy of a business’s reported gross sales or rental income.
The purpose of a GTO is to ensure that a business is reporting its gross turnover accurately to the landlord.
Why is GTO Important?
GTO helps to ensure landlords that tenants are paying the correct amount of additional rental based on their reported gross sales or rental income.
The audit requirement is usually written on the tenancy agreement, which means legal implications.
The last thing a tenant want from a landlord is being evicted out of a good business location because of non-submission of GTO reports.
What documents are required in a GTO?
Typically, the below information and document are necessary to kick of a GTO audit engagement:-
– Sales invoices
– Point-of-sales system data (Daily sales amounts)
– Bank statements
– Signed rental agreements
– ACRA Business Profile
– Period(s) to be audited
What is the GTO audit process like?
1. Agree and sign off audit engagement letter
2. Gathering of information and document
3. Audit field work – In simple terms, the auditor is going to match daily sales amounts to bank statements and amount reported to landlords.
4. Sign off audit reports
In conclusion, GTO is an important audit service that can help businesses ensure that they are reporting their gross sales or rental income accurately and in accordance with tenancy agreements.
