Audit exemption and Filing of Returns for Private Limited companies
Audit exemption is available for Exempt Private Company with turnover with less than S$5 Million
Exempt Private Companies (EPC) with turnover less than S$5 million has the option of of audit exemption for their statutory financial statement. However, they still need to prepare their financial statements in compliance with the Companies Act and the Singapore Accounting Standards (FRS).
A company is deemed to be an exempt-private company if:
- The shareholders do not exceed 20
- All of the shareholders are natural person and not corporations
- Companies with a turnover of over S$5 milion must have their financial statement audited.
Filing of return for Exempt-Private company
All exempt private company which are also solvent need not file their financial statement with ACRA. If the company is insolvent they have to file their financial statement with ACRA in XBRL format. A company is insolvent when they are unable to pay their debts as and when they fall due.
Non-Exempt Private Company
There is no audit exemption for an operating non-exempt private company even though their turnover is less than S$5 million. A dormant company can opt for non-audit.