Most Singapore private limited companies will now not need to do audit. Currently, a company must be audited unless:
- It is a dormant company, or
- It is an exempt private company (EPC) with annual revenue of $5 million or less. EPC is defined as a private company with not more than 20 members
and having no corporate shareholder
The Singapore Companies’ Act governing all companies incorporated in Singapore has introduced a new “small company” criterion for exemption from statutory audit. A company qualifies for audit exemption as a “small company” if it has at least 2 of the following:
- Total annual revenue of not more than $10 million
- Total gross assets as at the end of the financial reporting period of not more than $10 million.
- Total number of employees as at the end of the financial year of not more than 50.
Companies who are part of a small group of companies can also qualify if it meet at least two of the following conditions:
- aggregate turnover must be not more than SGD 10 million
- the aggregate balance sheet total must be not more than SGD 10 million at the end of the financial reporting period
- the aggregate average number of employees must be not more than 50 at the end of the financial reporting period
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