Audit Services Singapore

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According to the Accounting and Corporate Regulatory Authority of Singapore (ACRA) , there are a few requirements that will either make your company one that is exempted or one that requires auditing and here are the requirements:

To be audit exempted your company must fulfil the following (this is the old system as of July 2016):

  1. Have a revenue not more than S$5 million for the financial year 
  2. Company is dormant (Definition of dormant is when you do not have any accounting transactions for the year)
  3. Do not have any corporate companies as shareholders
  4. Have less 20 shareholders

As per July 2015, the new system for audit exemption is as per the following rules and you must fit the criteria to be determined as a “small company”:

  1. Effective of 1st July 2015 with financial years begining on or after 1 July 2015 (those before this dates, old system still apply for YA 2016)
  2. Company is a private company
  3. Fulfils at least two out of three of the following criteria for the immediate past two consecutive financial years.
    1. Total Annual revenue of lesser than 10 million
    2. Total Assets of lesser than 10 million
    3. Total employees count lesser than 50
  4. For a company to be classified as being part of a group
    1. Company must be a small company
    2. Entire group must be a small group, it must meet two out of three of the quantitative criteria on a consolidated basis for the immediate past two consecutive financial years
    3. Disqualified if cease to be private company
    4. Does not meet at least two out of three criterias

You can read up more from the official ACRA website.

Contact: Tommyksh@shkoh.com.sg | Phone: 98638665

Audit Services Singapore

 

 

If you do fulfill any of the requirements, you must audit your company accounts by a Certified Public Accountant of Singapore. 

Shareholders owning at least 5% of the companies share can require a exempted private company to take part in an audit if required.

In Singapore, SME do not normally require auditing services except for those who have reached s$5 million turnover for the year. 

There may be some required by the banks or their suppliers or during merger and acquisition of companies to be placed under audit.

Contact: Tommyksh@shkoh.com.sg | Phone: 98638665

Koh Management works closely with multiple partners with many years of experience in listed firm and SME firm. This firms are reliable and cost efficient firms with partners from respected backgrounds.

We are very glad to lend a hand in making an introduction for you to our partners for audit services for your SME firm.

Contact us today for a quick introduction with our partners and find out more about audit services singapore!

 

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