While the Singapore Companies Act mandates every company to get its financial statements and accounting records audited annually, the amendments in 2014 provided updates on the audit exemption criteria for companies.
A new definition for “small company” was introduced. If you qualify as one, you’re not required to appoint an external auditor for annual account auditing.
Are you an SMB hustling through papers and documents to check if your company fulfills the conditions required to be called a small company?
We’ve got it
sorted for you
IntimeAccounting’s audit exemption tool helps entities assess whether they are eligible for audit exemption. Get started now!
Got a few minutes? That’s enough to get your company assessed.
All you need is to tick off (click YES/NO) a set of simple questions like:
- Is your Singapore company a private limited company in the financial year in question?
- Is this the first or second financial year since the incorporation on or after 1 July 2015?
- Is your Singapore company a part of the group?
- Quantitative criteria for a company (e.g., revenue exceeding/not exceeding S$10 million, the total value of assets exceeding/not exceeding S$10 million, number of employees)
- Quantitative criteria for a group of companies (e.g., revenue of the group exceeding/not exceeding S$10 million, the total value of assets of the group exceeding/not exceeding S$10 million, number of employees)
Enjoy Your Audit Exemption Benefits
Run through the tool to see if your company falls under the “small company status.”
If not, please be aware that you have to prepare audited financial statements to hold its AGM within six months from its financial year-end. And we’re here to help. Engage Intime to prepare the audited/unaudited financial statements, which are to be presented at the AGM.
