Compilation of unaudited financial report
Exemption for audit
Your company may be exempted for audit requirement if:
It is a Private Exempt Company ("EPC"), EPC means no corporate shareholder in the company and the number of shareholders in the company is not more than 20.
1) Annual revenue of the company does not exceed $5 million for financing years starting on and after 1 June 2004
2) Shareholders who represent 5% or more of a company's ordinary shares does not request for audit, or
3) Banks or other creditors/financial Companies does not require auditing.
Compilation of financial statement requirement
Those Singapore private limited companies which enjoy audit exemptions are still required to prepare the “Financial Reports” in line with the Singapore Financial Reporting Standards (FRSs) and Companies Act.
This “Financial Reports” would need to be submitted to relevant authorities such as ACRA and IRAS.
The fee for a Compilation Engagement is lower than the audit fee.
**Fee from $400
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