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With effect from 1 July 2015, a Singapore Company shall qualify for Audit Exemption under the amended Singapore Companies Act if qualifies as a "small company". A company shall qualify as a small company if it is a private company in the financial year in question and it meets at at least 2 of the following 3 criteria for the immediate past two consecutive financial years:
Total annual revenue of not more than S$10 million
Total assets of not more than S$10 million
Number of employees of not more than 50
Nevertheless, the following statutory requirements remained intact:
Under the amended Singapore Companies Act, small companies that qualified for audit exemptions are continued to be required to prepare financial statements in accordance with the Singapore Financial Reporting Standards ("FRS")
Under the Singapore Income Tax Act, Financial Statements (either FRS Compliant or Audited Financial Statement) prepared in accordance with the Singapore FRS needs to be ready for review upon request by the Inland Revenue Authority of Singapore.
Stephen Liu & Associates, an affiliated firm of SmartOffice, oversees service qualities on all FRS and Tax Compliance Services undertaken by SmartOffice. It also provides Audit-Advisory and Internal Audit services directly to our clients.