Companies that are exempt from statutory audits need to prepare financial statements, which must provide notes, reports of the board of directors and statements of directors and must comply with the financial reporting standards.
Financial statements shall be made by professional staff. Although the reports are not audited, the reports are rigorous, but sufficient to provide tax return information. The cost of preparing consolidated financial statements is lower than the cost of audit services.
If your company meets the following conditions, you will be entitled to a waiver of statutory audit benefits:
Your company is exempt from Private Companies, that is to say, your company has no legal person shareholder, and the total number of shareholders is not more than 20.
The company's annual turnover is not more than S$5000000
Shareholders who do not hold more than 5% common shares submit audit requirements.
No bank and other creditors / financial companies submit audit requirements
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