A group audit is an audit of group financial statements. A group is defined as a holding company and its subsidiaries that together form a group due to a common source of control.For a company which is part of a group will be exempt from statutory audit of its accounts if:
• The company must qualify as a small company, and
• The entire group must be a “small group”.
To qualify as a “small group”, the group (comprising of all the companies) must fulfil two out of the following three conditions in the immediate two preceding financial years:
• The consolidated revenue must not exceed S$ 10 million;
• The consolidated total assets must not exceed S$ 10 million;
• The total number of employees of the group must not exceed 50.
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