In October 2014, the “Small Company” concept was introduced in the Companies (Amendment) Bill 2014. To determine whether an audit is necessary, companies will have to assess whether they meet the audit exemption criterion. The small company qualifying criteria apply to private companies who meet at least 2 of 3 following criteria for the immediate past two consecutive financial years:
– Total annual revenue ≤ S$10m;
– Total assets ≤ S$10m;
– Number of employees ≤ 50.
However, there are other circumstances for which the company will be required to be audited. If you are uncertain as to whether your company requires external audit services, please feel free to contact us .