Travel Agents · STB Reporting
STB Annual Financial Submission: Audit or Review for Singapore Travel Agents?
Singapore travel agents have an annual financial reporting obligation to the Singapore Tourism Board. The key question is often whether the financial statements need a full audit or whether an independent review can satisfy the normal annual submission requirement.
Updated
20 September 2026
Sources
Singapore legislation & STB sources linked
Published by
Vertex Assurance Insights
What must a Singapore travel agent submit to STB?
Under Regulation 14 of the Travel Agents Regulations 2017, a licensed travel agent must make its annual financial submission within 6 months after the close of its financial year.
6 months
Submission window after financial year end
2 routes
Audit report or qualifying review report for the normal annual submission
STB
May request an audit in specified circumstances
The annual reporting package includes the Annual Business Profile Return and the licensee’s financial statements. The financial statements are to be accompanied by either an independent auditor’s report prepared in accordance with the Singapore Standards on Auditing, or an independent auditor’s review engagement report prepared in accordance with SSRE 2400 (Revised).
Track the two submissions separately
The Annual Business Profile Return (ABPR) and the financial statements with the required report are separate submission items. STB's ABPR guide states that the ABPR submission does not depend on audit completion. Check each item's status in TRUST rather than assuming both must wait until the audit is finished.
Official legislation: Travel Agents Regulations 2017, Regulation 14. View Singapore Statutes Online →
Important distinction: A travel agent’s STB annual submission requirement and its Companies Act statutory-audit position are separate questions. A company can be exempt from statutory audit and still have an STB reporting obligation.
Audit or review: what is the difference?
Both routes involve an independent practitioner, but the level of assurance and the work performed are different.
Audit
Review engagement
Assurance level
Reasonable assurance
Limited assurance
Typical work
More extensive audit procedures and testing
Primarily enquiries and analytical procedures, with additional procedures where necessary to address matters identified during the review.
Relevant standard
Singapore Standards on Auditing
SSRE 2400 (Revised)
Normal STB annual submission
Permitted route
Permitted route under Regulation 14
For a travel agency that is not otherwise required to undergo a statutory audit, a review engagement may therefore be a more proportionate route for the normal STB annual submission. That does not mean a review is automatically appropriate in every case.
Do not choose the engagement type from cost alone. First confirm whether the company separately requires a statutory audit and whether STB has issued any specific request or condition affecting the reporting route.
Why can the requirement appear confusing?
Some public-facing STB materials have historically used terms such as “Audited Statement of Accounts” as a general description for the annual submission. The legislation is more specific: the amended Regulation 14 expressly provides both an audit-report route and an SSRE 2400 review-report route for the ordinary annual submission.
That is why it is better to check the current legislation and the current STB/TRUST submission requirements rather than relying only on the wording used on a particular webpage, checklist or older document.
Regulatory history: A review alternative was introduced in the 2020 amendments. The 2023 amendments, effective from 1 January 2024, revised the audit and review reporting provisions. The earlier rules remain relevant to financial years closing before that date. For a current engagement, start with the current Regulation 14 and the licensee's specific instructions.
Can STB still require an audit?
Yes. Regulation 14 also allows STB to request an independent auditor’s report on the licensee’s financial statements within a period specified by the Board.
So the fact that a review can satisfy the normal annual submission does not remove STB’s ability to ask for an audit where the circumstances require it.
01
Check the company’s wider audit position
Determine whether the company separately requires a statutory audit under the Companies Act or for another contractual or regulatory reason.
02
Check the current STB requirement
Review the current Regulation 14 position and any instructions, notices or requests issued through STB or TRUST.
03
Scope the engagement correctly
Confirm with the public accountant whether an audit or review engagement is appropriate before fieldwork begins.
Need help understanding your STB reporting requirement?
Share your financial year-end, submission deadline, accounts readiness and any specific STB correspondence. Vertex Assurance can assess the requirement and discuss the appropriate next step before confirming the engagement scope, fee or timetable.
The six-month deadline matters.
STB has taken enforcement action against travel agents that failed to make required annual submissions. The practical lesson is simple: do not wait until the final weeks of the six-month window to determine whether the accounts are ready and which assurance engagement is required.
Approaching the deadline? Start by confirming the financial year end, the exact outstanding submissions, whether the accounts are complete, and whether an audit or review is being requested. If the records are not ready, identify the missing schedules early.
STB operational guidance: STB’s TRUST guide states that Annual Business Profile Returns are submitted through TRUST within six months after financial year end. View the STB TRUST guide →
How to prepare for the annual submission
The exact document list depends on the engagement and the condition of the accounting records. A useful starting point is to have the year-end financial information organised before the auditor or reviewer begins.
Prepare
Why it helps
Draft financial statements and trial balance
Establishes the year-end reporting position and the balances subject to audit or review.
General ledger and key schedules
Supports reconciliation of material balances and unusual movements.
Bank statements and reconciliations
Supports cash balances and year-end cut-off.
Revenue / booking records
Helps support travel-related revenue and related balances.
Receivables and payables schedules
Supports outstanding customer and supplier balances.
Prior-year financial statements and reports
Provides comparative information and engagement history where relevant.
Even when the accounts are not fully ready, an early scope discussion can identify which information is missing and whether the timetable is realistic before the STB deadline.
Frequently Asked Questions
This guide is general information and does not constitute legal or professional advice. Travel-agent reporting requirements should be assessed against the legislation, STB/TRUST requirements and the licensee’s circumstances in force at the relevant time.