Yes, all local foundations must have their accounts audited according to the Charities Act. However, there is no requirement for the charity to be audited by a public accountant unless the annual income or expenditure of the charity exceeds SGD500,000 or it is stipulated otherwise by the Commissioner of Charities. Foundations in Singapore are required to submit an annual report consisting of audited financial statements to the Commissioner of Charities within 6 months after the end of each financial year.