A private company which meets 2 out of 3 of the following quantitative criteria for the 2 immediate past financial years will be considered a small company and be exempted from audit. For a company that belongs to a group, the company must firstly qualify as a small company and its entire group must be a “small group”, subject to the same quantitative criteria, to qualify for the audit exemption.
- Total annual revenue ≤ SGD 10 million
- Total assets ≤ SGD 10 million
- Number of employees ≤ 50