New Audit Exemption Effective July 2015
Objective – to reduce compliance/regulatory costs for small companies which do not have a wide market impact. But there will be safeguards such as shareholders with 5% of voting rights, have the right to require the company to be audited.
Broad criteria for the exemption are as follows. You need to meet 2 out of the following 3 criteria below for the exemption:
(1) Total revenue of not more than S$10m
(2) Total assets of not more than S$10m
(3) Total number of employees not more than 50 people
Please note that there are many other specific criteria to be satisfied. please refer to the regulation for details.
Read more about New “Small Company” Concept for Audit Exemption – Part 1
Full article: http://isca.org.sg/…/pg26-31-isca-apr-new-small-company-con…
Source: Institute of Singapore Chartered Accountants