A statutory audit is a legally required review of the accuracy of a company’s financial records which is conducted in compliance with Singapore Standards of Auditing (SSAs) and Singapore Financial Reporting Standards (FRSs).
A company is exempted from Statutory Audit if it is qualified as a small company. A company qualifies as a small company if:
(a) it is a private company in the financial year in question; and
(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
• Total annual revenue ≤ $10m;
• Total assets ≤ $10m;
• No. of employees ≤ 50.
For a company which is part of a group, it is exempted from statutory audit if:
(a) The company must qualify as a small company; and
(b) The entire group must be a “small group”.
Contact us to make a proper judgement if the Company is exempted from statutory audit or request a proper statutory audit quotation. Our auditing service will be quoted on the basis of yearly transaction volume and amount, complexity of nature of transaction, high or low audit risks, time and manpowers need to be taken.