Business Assurance
Companies that are exempted from audit requirements are not required to have their accounts audited. However, they are still required to prepare unaudited financial statements, accompanied by the Directors’ Report and the Statement by Directors in a format as required by the Companies Act and the Singapore Financial Reporting Standards (FRSs).
Audit Exemption Criteria
- An Exempt Private Company (EPC) is a private company with no corporate shareholders and no more than 20 shareholders.
- it is a private company in the financial year in question; and
- it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
- total annual revenue of less than or equals to $10m;
- total assets less than of equals $10m;
- of employees less than or equals 50.