Under the companies (Amendment) Act 2014 (S205C) for companies with financial year commencing 1 July 2015 audit exemption is based on satisfying 2 out of 3 quantitative criteria (sales or assets of not more than $10 million and number of employees not more than 50)

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A small company in respect of financial year shall be exempted from audit requirements for that financial year. Certain dormant companies exempted from duty to prepare financial statements - dormant relevant company (not listed company or a subsidiary of a listed company whose total assets does not exceed $500,000 (or as prescribed) in value.

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Companies and directors have legal responsibilities to ensure that proper accounting and other records are kept to enable financial statements showing a true and fair view to be prepared in accordance with the Singapore Financial Reporting Standards. There are penalties for non-compliance.   

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Engage us today to assist your company with the compilation report in accordance with SFRS from $500 yearly and compilation report for dormant company at $300 yearly. 

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