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FRS Compliance/ Auditing Services
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Started from 2002, a
Singapore Company shall qualify for Audit Exemption under Section 205C of
the Singapore Companies Act if it is an exempt private company ("EPC")
throughout the financial year/ period and its turnover during the financial
year/ period is less than S$5M. To be an EPC, the company shall not
have more than 20 members and none of its members shall be corporations.
Nevertheless, all Singapore Companies are continued to be required to
prepare financial statements in accordance with the Singapore Finance
Reporting Standards ("SFRS") under Section 201 (1A) and (3) of the Singapore
Companies Act.
For companies that qualify for Audit Exemptions, its
Directors can hence choose between conducting FRS Compliance Review or Full
Auditing for their companies. It is worth to note that it is a
requirement under the Singapore Income Tax Act that a Financial Statement
(either FRS Compliant or Audited) prepared in accordance with the SFRS is
required to be submitted together with the Income Tax Return annually to the
Inland Revenue Authority of Singapore.
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Stephen Liu & Associates Certified Public Accountants, an affiliated
CPA firm of SmartOffice, oversees service quality on all FRS Compliance
Services (and all Tax Compliance Services) undertaken by SmartOffice.
It also provides full Auditing, Audit-Advisory and Internal Audit services
directly to our clients.
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If
you wish to obtain a detailed quotation, see
On-Line
Quotation.
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