Do you know your accounts may be exempted from audit if you meet certain criteria?
However, as a Singapore private limited company, you are still required to prepare the financial report in a format as defined by the Companies Act and the Singapore Financial Reporting Standards for submission to ACRA for annual return filing and Tax Authority, IRAS for FORM C tax filing.
It is important that the financial report be prepared by a CA of Singapore to ensure compliance with all statutory requirements. Your financial report, with the latest updated FRS 1 (revised) requirement, which includes the following:
- Directors’ Report
- Statement of Directors
- Statement of Comprehensive Income
- Statement of Financial Position
- Statement of Changes in Equity
- Accounting Policies
- Notes to Financial Statements
- Detailed Income Statement
In any circumstance, you save money as the fee for a compilation engagement is lower than the audit fee. So why not contact us NOW to check if you are qualified for audit exemption?