{"id":106511,"date":"2023-12-27T13:39:01","date_gmt":"2023-12-27T05:39:01","guid":{"rendered":"https:\/\/premiatnc.com\/sg\/?p=106511"},"modified":"2024-10-17T16:54:11","modified_gmt":"2024-10-17T08:54:11","slug":"singapore-audit-exemption-criteria","status":"publish","type":"post","link":"https:\/\/premiatnc.com\/sg\/blog\/singapore-audit-exemption-criteria\/","title":{"rendered":"Singapore Audit Exemption Criteria"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"597\" src=\"https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/12\/Singapore-Audit-Exemption-Criteria-1024x597.jpg\" alt=\"Singapore Audit Exemption Criteria\" class=\"wp-image-107046\" srcset=\"https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/12\/Singapore-Audit-Exemption-Criteria-1024x597.jpg 1024w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/12\/Singapore-Audit-Exemption-Criteria-300x175.jpg 300w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/12\/Singapore-Audit-Exemption-Criteria-768x448.jpg 768w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/12\/Singapore-Audit-Exemption-Criteria.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/api.whatsapp.com\/send\/?phone=85256281754&amp;text&amp;app_absent=0\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"148\" src=\"https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-1024x148.png\" alt=\"\" class=\"wp-image-103420\" srcset=\"https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-1024x148.png 1024w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-300x43.png 300w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-768x111.png 768w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-1536x222.png 1536w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1.png 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Singapore\u2019s initiative to sustain its vibrant commercial landscape and foster the development of more SMEs or Small and Medium Enterprises altered the Companies Act in 2015. The change now allows exemption from audit of small firms upon meeting the&nbsp;Singapore audit&nbsp;exemption criteria.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Before the July 1, 2015 change, only private companies with a yearly income below SGD five million were exempted from audit. The revised Companies Act introduced the small company concept with changes in the Singapore audit exemption criteria, which applies to existing and newly incorporated private limited firms in Singapore.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-singapore-companies-act\" style=\"font-size:25px\">Audit Obligations of Small Companies<\/h2>\n\n\n\n<p>In Singapore, <a href=\"https:\/\/premiatnc.com\/sg\/services\/accounting-auditing\/\" target=\"_blank\" rel=\"noreferrer noopener\">every company must&nbsp;designate an auditor<\/a>.&nbsp;This designation must be within the three months following its incorporation except for those exempt from audit. This Singapore audit exemption criteria applies to firms that belong to the small group or company category. The small firm audit exemption generally exists for a broader group of business stakeholders, such as customers, workers, and creditors.&nbsp;<\/p>\n\n\n\n<p>Such parties may have certain interests in a company\u2019s financial statements and appreciate the reduction of compliance expenses of small companies. Still, even when a company is audit-exempt, it must continue&nbsp;preparing and filing its annual unaudited financial statements.&nbsp;<\/p>\n\n\n\n<p>Aside from other reasons such as compliance issues, the company\u2019s yearly financial statements remain the primary source for financial decision-making, besides preparing the tax return. Being audit-exempt only frees the company from the requirement to officially designate an audit company to audit the books of accounts.<\/p>\n\n\n\n<p>So,&nbsp;what makes your business eligible for&nbsp;the Singapore audit exemption criteria?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:20px\">Audit Exemption Eligibility Criteria<\/h3>\n\n\n\n<p>The amended&nbsp;audit exemption regulations&nbsp;took effect on Singapore firms incorporated after July 1, 2015, and for companies having a fiscal year starting July 2, 2015, or onwards. The&nbsp;<a href=\"https:\/\/premiatnc.com\/sg\/services\/accounting-auditing\/\" target=\"_blank\" rel=\"noreferrer noopener\">audit-exempt companies in Singapore&nbsp;<\/a>must meet the following criteria:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Registered by way of a private business during the fiscal year, and;<\/li>\n\n\n\n<li>The company satisfies two or all the listed conditions for the recent two years:<\/li>\n<\/ul>\n\n\n\n<p>1. The total yearly company turnover is below SGD ten million<\/p>\n\n\n\n<p>2. Total company assets are below SGD ten million<\/p>\n\n\n\n<p>3. The company employs 49 or fewer employees<\/p>\n\n\n\n<p>If the business is a member of a company group, then:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It must satisfy the conditions for a small Singapore company; and,&nbsp;<\/li>\n\n\n\n<li>The entire company group is considered a \u201csmall group\u201d.<\/li>\n<\/ul>\n\n\n\n<p>As stated by the Singapore law, a \u201csmall group\u201d satisfies two or all of the conditions stated above of a \u201csmall company.\u201d Upon meeting these eligibility conditions, the company qualifies for exemption on audit. Understanding or remembering all these conditions and checking if the company meets the criteria could be puzzling for some.<\/p>\n\n\n\n<p>Hence, the best option is to&nbsp;engage a&nbsp;<a href=\"https:\/\/premiatnc.com\/sg\/services\/accounting-auditing\/\" target=\"_blank\" rel=\"noreferrer noopener\">professional accounting or audit firm&nbsp;in Singapore<\/a>, such as&nbsp;Premia TNC. Rest assured that our firm has professionals with complete knowledge of Singapore\u2019s audit regulations and processes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Annual Return Filing With ACRA<\/h3>\n\n\n\n<p>A Singapore firm&nbsp;needs to submit to ACRA an annual return within 7 months from the financial year end. The return must include details of the firm\u2019s officers and its registered address, besides auditors. Effective December of 2019, companies can file their annual returns with ease as most of the data is already in the return form.&nbsp;<\/p>\n\n\n\n<p>The filer merely needs to check the pre-filled data based on the previous year\u2019s return filing to ensure that it is still applicable for the present annual return. The yearly return\u2019s user interface has likewise been enhanced to ease the filing process. Here are the steps for&nbsp;filing the annual return:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Proceed to BizFile+<\/li>\n\n\n\n<li>Pick \u201cLocal Company\u201d below the \u201ce-Services\u201d<\/li>\n\n\n\n<li>From \u201cAnnual Filing,\u201d choose \u201cFiling of Annual Return by Local Company (For FYE from August 31, 2018).\u201d<\/li>\n<\/ol>\n\n\n\n<p>For companies with the fiscal year ending before August 31, 2018, the steps are as follows:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Proceed to BizFile+<\/li>\n\n\n\n<li>Pick \u201cLocal Company\u201d below the \u201ce-Services\u201d<\/li>\n\n\n\n<li>From \u201cAnnual Filing,\u201d choose \u201cFiling of Annual Return by Local Company (For FYE before August 31, 2018)\u201d<\/li>\n<\/ol>\n\n\n\n<p>Another option for companies is using third-party software solutions developed with ACRA to preset the making and submission of the annual return and financial statements with ACRA. With a Simplified XBRL set-up, the software routinely generates the yearly returns.&nbsp;<\/p>\n\n\n\n<p>In addition, it stays linked to the BizFile+ portal of ACRA via APIs. As a result, this enables companies to submit annual returns without logging in to ACRA\u2019s BizFile+ portal.<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/premiatnc.channel.io\/lounge\" style=\"background-color:#022b43\" target=\"_blank\" rel=\"noreferrer noopener\">Appoint Us as Your Audit Agent Today!<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:20px\">Annual Tax Return Filing With IRAS<\/h3>\n\n\n\n<p>A Singapore incorporated company&nbsp;<a href=\"https:\/\/premiatnc.com\/sg\/services\/accounting-auditing\/\" target=\"_blank\" rel=\"noreferrer noopener\">must submit its yearly&nbsp;corporate tax return&nbsp;to IRAS <\/a>on or before November 30. The city-state considers the previous year for the taxation basis. This means that the earnings for the fiscal year ending within the prior year are the&nbsp;starting point&nbsp;for a tax return filed in the current year.<\/p>\n\n\n\n<p>Remember that the company directors are accountable and responsible for abiding by this annual filing obligation. Just like ACRA, filing at IRAS is online through mytax.iras.gov.sg. Whoever will be filing must first be authorized by the company for its income tax related issues via Corppass.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:25px\">Key Concerns And Duties Of Small Businesses<\/h2>\n\n\n\n<p>As stated earlier, despite the Singapore audit exemption criteria of small companies, they still need to compile their audit-free financial statements. To do this, they <a href=\"https:\/\/premiatnc.com\/sg\/services\/accounting-auditing\/\" target=\"_blank\" rel=\"noreferrer noopener\">must&nbsp;maintain their&nbsp;accounting records&nbsp;properly<\/a>. In addition, as much as possible, they have to empower their shareholders by having at least five percent voting rights towards requiring their company to put&nbsp;audited accounts&nbsp;in order.<\/p>\n\n\n\n<p>Singapore companies&nbsp;must keep proper accounting books even if covered by the audit exemption. The reason for this is that ACRA conducts checks occasionally. In addition, an independent or external auditor needs to be designated if the company has legal issues.<\/p>\n\n\n\n<p>The company will also benefit if its accounting employees have enough experience and knowledge to ensure that the income statements and balance sheets are prepared well per the SFRS. Moreover, all related papers, such as bank statements and invoices, among many others, must be kept. The best solution for small businesses unsure of the stockholders\u2019 voting rights is to&nbsp;<a href=\"https:\/\/premiatnc.com\/sg\/services\/company-secretarial\/\" target=\"_blank\" rel=\"noreferrer noopener\">consult the company secretary.<\/a>&nbsp;Lastly, remember that a firm can be ineligible for audit exemption if it is no longer a private limited company during the fiscal year. Of course, ineligibility can also result from the company failing to satisfy the conditions of the Singapore audit exemption criteria for the past two years.<\/p>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/api.whatsapp.com\/send\/?phone=85256281754&amp;text&amp;app_absent=0\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"148\" src=\"https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-1024x148.png\" alt=\"\" class=\"wp-image-103420\" srcset=\"https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-1024x148.png 1024w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-300x43.png 300w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-768x111.png 768w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1-1536x222.png 1536w, https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/03\/BTN-4-1-1.png 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\"><\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>Singapore\u2019s initiative to sustain its vibrant commercial landscape and foster the development of more SMEs or Small and Medium Enterprises altered the Companies Act in 2015. The change now allows exemption from audit of small firms upon meeting the\u00a0Singapore audit\u00a0exemption criteria.\u00a0\u00a0<\/p>\n","protected":false},"author":2,"featured_media":107046,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[123,94],"tags":[],"class_list":["post-106511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auditing","category-blog"],"featured_image_src":"https:\/\/premiatnc.com\/sg\/wp-content\/uploads\/2023\/12\/Singapore-Audit-Exemption-Criteria.jpg","author_info":{"display_name":"premiatnc","author_link":"https:\/\/premiatnc.com\/sg\/author\/premiatnc\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Singapore Audit Exemption Criteria | Helpful Key Concerns<\/title>\n<meta name=\"description\" content=\"Singapore audit exemption criteria allows small companies to forego auditing processes such as scrutiny of shareholders lists, audit reports and the statutory records. For more information, contact us for FREE consultation today!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/premiatnc.com\/sg\/blog\/singapore-audit-exemption-criteria\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Singapore Audit Exemption Criteria | Helpful Key Concerns\" \/>\n<meta property=\"og:description\" content=\"Singapore audit exemption criteria allows small companies to forego auditing processes such as scrutiny of shareholders lists, audit reports and the statutory records. 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