Compilation of Unaudited Financial Statements
A company’s accounts may not be required to be audited (audit exemption) if it satisfies certain conditions as below:
Company to be exempted from audit if qualifies as a small company.
(a) it is a private company in the financial year in question; and
(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
(i) total annual revenue ≤ $10m;
(ii) total assets ≤ $10m;
(iii) no. of employees ≤ 50.
If your company cannot satisfy the above conditions, you must appoint an auditor within 3 months of incorporation and accounts will be audited annually.
Unaudited financial reports are still required to be submitted to ACRA and IRAS, even your company’s accounts are not required to be audited. We do provide financial reports compilation services for your company. You can also engage our associated audit firms if an audited financial report is required. Our audit services include all financial statements designed specifically to comply with ACRA’s and IRAS’s statutory requirements.
Our experienced professionals will provide advice if you are uncertain on the audit exemption.