Audit Exemption for Small Company in Singapore
Understanding Audit and Audit Exemption Requirements 小公司审计豁免的概念
AUDIT EXEMPTIONSINGAPORE 新加坡
1/24/20242 min read
Small Company Concept for Audit Exemption in Singapore
Qualification Criteria
Currently, a company is exempted from having its accounts audited if it is an exempt private company with annual revenue of $5 million or less. This approach is being replaced by a new small company concept which will determine exemption from statutory audit. Notably, a company no longer needs to be an exempt private company to be exempted from audit.
A company qualifies as a small company if:
(a) it is a private company in the financial year in question; and
(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
total annual revenue ≤ SGD 10m;
total assets ≤ SGD 10m;
no. of employees ≤ 50.
For a company which is part of a group:
(a) the company must qualify as a small company; and
(b) entire group must be a “small group”
to qualify to the audit exemption.
For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.
Where a company has qualified as a small company, it continues to be a small company for subsequent financial years until it is disqualified. A small company is disqualified if:
(a) it ceases to be a private company at any time during a financial year; or
(b) it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.
Where a group has qualified as a small group, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.
小公司的审计豁免概念
资格标准
目前,如果一家公司是一家年收入不超过 500 万美元的豁免私人公司,则可以免于接受账目审计。
这种方法正在被新的小公司概念所取代,该概念将确定法定审计的豁免。
值得注意的是,公司不再需要是豁免私人公司才能获得豁免审计。 如果满足以下条件,公司就符合小公司的资格: (a) 在相关财政年度是一家私营公司;和
(b) 在过去的连续两个财政年度中至少满足以下 3 项标准中的 2 项:
年总收入 少于1000万新元;
总资产 少于11000万新元;
员工人数 少于150 人。
对于属于集团的公司:
(a) 该公司必须符合小型公司的资格;和
(b) 整个团体必须是一个“小组” 有资格获得审计豁免。
一个集团要成为小型集团,必须在过去连续两个财政年度的综合基础上至少满足 3 项量化标准中的 2 项。
如果一家公司符合小公司资格,则该公司在随后的财政年度将继续是小公司,直到被取消资格。
如果出现以下情况,小公司将被取消资格:
(a) 在一个财政年度的任何时间不再是一家私人公司;或者
(b) 不符合最近连续两个财政年度的 3 项量化标准中的至少 2 项。
如果一个集团符合小型集团的资格,则在随后的财政年度中,该集团仍将是小型集团,直到其在过去连续两个财政年度未达到 3 个量化标准中的至少 2 个为止。
Source: ARCA / note that the above are subjected to change without notice.
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