A new small company concept was introduced in Singapore to exempt small companies from statutory audit requirement. It applies with respect to financial statements for a financial year commencing on or after 1 July 2015.

The qualifying criteria are as follows:

  1. The entity is a private company
  2. The entity must meet at least 2 of 3 quantitative criteria for immediate past two financial years:
  • total annual revenue ≤ $10m
  • total assets ≤ $10m
  • no. of employees ≤ 50

Therefore, this helps to reduce the regulatory burden on small companies.

Audit exemption for small companies

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