Is Your Company Qualified For Audit Exemption?
Recently I received a few enquiries from some prospect clients whose revenue exceeds S$10mil per annum if they can be exempted from statutory audit.
Let me share here for the benefit of business owners on this platform…
Currently, a company is exempted from having its accounts audited if it is an exempt private company (EPC) with annual revenue of $5 million or less. This approach is being replaced by a new small company concept which will determine exemption from statutory audit. Notably, a company no longer needs to be an EPC to be exempted from audit.
A company qualifies as a small company if:
(a) it is a private company in the financial year in question; and
(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
(i) total annual revenue ≤ $10m;
(ii) total assets ≤ $10m;
(iii) no. of employees ≤ 50
Hope this helps.
If you need help, feel free to contact us at :
(O) +65 63851011
(M) +65 90880669
