Audit exemption-FOZL - International Accounting & Advisory Firm

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Audit exemption

The following companies that meet specific requirements under the Singapore Companies Act are exempt from financial statement audits. However, they are still required to prepare financial statements (and consolidated financial statements, if applicable) in accordance with the Companies Act and Financial Reporting Standards. To reduce the regulatory burden on small companies and gradually establish a risk-based mechanism, the new amendment introduces a new concept of small companies to exempt such small companies from audit requirements.

The new audit exemption system applies to Singapore companies incorporated after July 1, 2015, or companies whose financial year ends after July 1, 2015. Conditions are as follows:

Under the new regulations, companies that meet the following conditions are defined as "small companies" and are exempt from audits:

a) It is a private company during the financial year, and

b) For the previous two financial years, it meets at least two of the following three conditions:

1. Annual total turnover is less than SGD 10 million

2. Total assets are less than SGD 10 million

3. Fewer than 50 employees

For companies that are part of a group: a) This company must meet the requirements for a "small company"; b) The entire group company must be a "small group company" ("small group company" must also meet at least two of the three conditions in the definition of "small company").

Only then can the audit exemption requirement be met.

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Singapore FOZL Group Pte. Ltd.
Singapore FOZL Group Pte. Ltd.
A corporate advisory firm licensed by the Accounting and Corporate Regulatory Authority of Singapore
Singapore Company Registration, Annual Return, Taxation
Trademark Registration, Corporate Advisory, Serviced Offices
6 Raffles Quay，#14-02， #14-06， Singapore 048580

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