Opting for non-audit services
Today, many companies opt for non-audit services. A non-audited report, also called compilation report will be a better option for company to meet the same compliance requirement. It is less costly.
Your company may be exempted for audit if:
- There is no corporate shareholder in the company
- The number of shareholders is less than 20
- Annual revenue of the company does not exceed S$5 million
- Majority shareholders (95%) agree
Sufficient for tax filling and annual return
A compilation report will give you the comfort that the information is compiled with professional competence and due care. It is sufficient for income tax filing annual return filing purpose.
A full set of financial statements (compilation report) should including explanatory notes and accompanied by the Directors’ Report and the Statement by Directors. It needs to be prepared in compliance with the Singapore Financial Reporting Standards (“SFRS”).