Small company audit exemption
Do we need an audit?
The situation
A small company is exempt if it meets 2 of 3 criteria (revenue, total assets, employees) for 2 consecutive years.
The law
- Sec 205C and Thirteenth Schedule, Companies Act 1967: Small company audit exemption: 2 of 3 criteria (revenue, assets, employees) for 2 consecutive years
What it means for you
For a group, the test applies on a group basis. Banks may still want audited accounts. Confirm current figures in the Thirteenth Schedule before relying on them.
What to do
- Collect 2 years of figures.
- Apply the 2 of 3 test.
- Record the result.
- Prepare unaudited statements if exempt.
We can do this for youAGM and annual return filing: SGD 700