The Companies Act (amendments) 2014 has introduced the concept of “small company” for the purpose of audit exemption. A company is defined as a small company if it meets two of the following three criteria:
- Revenue less than S$10.0 million;
- Gross asset less than S$10.0 million; and
- Less than 50 employees at year-end date
If the company is part of a group, the above criteria would apply on a group basis.
For the private limited companies in Singapore which meet two of the above three criteria, it is no longer necessary to have the accounts audited. Such companies are required to prepare a full set of financial statements (un-audited financial statements) which includes explanatory notes and the Directors’ Statements.
Enston offers a complete range of accounting services, including drafting un-audited financial statements required to meet the statutory conditions laid down by the Accounting and Corporate Regulatory Authority and Inland Revenue Authority of Singapore.
- Directors' statement
- Statement of comprehensive income
- Management & control systems review
- Statement of financial position
- Statement of changes in equity
- Statement of cash flows
- Notes to the financial statement
Additional charges are applicable depending on the inclusion of the following items.
- Fixed assets
- Hire purchase loans
- Bank loans/term loans
- Group level presentation
- Investments in financial instruments