Is audit mandatory?
No, small companies are exempt. You qualify as a "small company" if you meet at least 2 of these 3 criteria for each of the past two consecutive financial years:
- revenue of S$10 million or less,
- total assets of S$10 million or less,
- and 50 or fewer employees.
If you're part of a group, the group as a whole needs to meet the same test too.
Even if you're exempt from audit, you'll still need Unaudited Financial Statements prepared for your AGM, Annual Return, and tax filing. The exemption only removes the audit requirement, not these other obligations.
