As per the Singapore Companies Act, certain companies are exempted from audit requirements.
In 2014, the Companies Act was amended to introduce a new concept called “small companies”. These companies are exempted from auditing their accounts. There are specific criteria to meet for a company to fall in the category of small companies.
A company will be considered a small company if it meets any two of the three conditions mentioned below:
Even a company that is a part of a group can be exempted from auditing its accounts under certain circumstances. The conditions for it are:
A group can be considered as a small group if it meets any two of the three conditions:
New Company Setup
New Company Setup
Existing Company
New Branch Setup
New Setup
Singapore Bank Account