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With effect
from 1 July 2015, a
Singapore Company shall qualify for Audit Exemption under the amended
Singapore Companies Act if qualifies as a "small company". A company
shall qualify as a small company if it
is a private company in the financial year in question and it meets at at
least 2 of the following 3 criteria for the immediate past two consecutive
financial years: |
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Total annual revenue of not more than S$10 million
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Total assets of not more than S$10 million
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Number of employees of not more than 50
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Nevertheless, the following statutory
requirements remained intact: |
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Under the amended Singapore Companies
Act, small companies that qualified for audit exemptions are continued to
be required to prepare financial statements in accordance with the
Singapore Financial Reporting Standards ("FRS")
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Under the Singapore Income Tax Act, Financial Statements (either FRS
Compliant or Audited Financial Statement) prepared in accordance with the
Singapore FRS needs to be ready for review upon request by the Inland
Revenue Authority of Singapore.
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Stephen Liu &
Associates, an affiliated Singapore Chartered Accountant firm of
SmartOffice, oversees service quality on all FRS and Tax Compliance Services
undertaken by SmartOffice. It also provides full Auditing,
Audit-Advisory and Internal Audit services directly to our clients. |
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If you wish to obtain a
detailed quotation see
On-Line
Quotation. |
