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Small Companies that are Exempted from the Audit Requirement

Exempt private companies with a turnover of S$5 million or less are exempt from the audit requirement.

An exempt private company is one in which the shares are not held directly or indirectly by any corporation and which has not more than 20 members.

Why audit?
  • Small companies may expand and will find themselves subject to a statutory audit requirement.
  • We provide advice as to whether their accounts are prepared in accordance with the latest accounting standards.
  • These companies are still require to prepare and lodge their accounts in a statutory financial statement format, including relevant notes disclosure. Many smaller companies may not have the resources and knowledge to prepare them.
  • There is still a requirement to maintain proper accounting records and prepare financial statements that show a "true and fair view" in accordance with Financial Reporting Standards.
  • Smaller companies who prepare their own accounts may need help in arriving at certain adjustments, such as those for impairment assessment and depreciation.
  • Requirements by bank to audit for loan and  banking facilities financing.

 

 
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