audit exemption for small companies-01
With effect from 01 July 2015, Singapore laws have changed to change audit exemption criteria. A concept of Small companies and small group has been introduced. Small companies not belonging to any group and Small companies belonging to small groups are now exempt from Audit.

What is a Small Company?

A small company is a private limited company which does not form part of a group and satisfies any 2 of below mentioned 3 criteria for last 2 years:

1. Total revenue of the company doesn’t exceed S$ 10 Million
2. Total assets of the company doesn’t exceed S$ 10 Million
3. Total number of employees doesn’t exceed 50

A small company, which does not belong to any group, is NOT required to audit its accounts.

What is a Small Group?

A small group is a group satisfies any 2 of below mentioned 3 criteria for last 2 years on a consolidated group basis:

1. Total revenue of the group doesn’t exceed S$ 10 Millions
2. Total assets of the group doesn’t exceed S$ 10 Millions
3. Total number of employees in group doesn’t exceed 50

A small company, which belongs to a Small Group, is NOT required to audit its accounts.

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