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New Criteria for Audit Exemption for Small Companies

NEW CRITERIA FOR AUDIT EXEMPTION FOR SMALL COMPANIES a Rikvin Infographic | www.rikvin.com Criteria for new companies incorporated on or after 1 July 2015 A company qualifies as a "small company" and is exempted from audit if it meets at least 2 out of 3 of the following criteria: 2/3 Total annual revenue of not more than $10 million Total gross assets as at the end of the financial reporting period of not more than $10 million Total number of employees as at the end of the financial year of not more than 50 Criteria for companies who are part of a "Small Group" For a group to be a "small group", it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate or past two consecutive financial years. (2/3) Parent Company Total group should not be more than: r01 $10 million annual sales revenue + $10 million in total gross assets* Subsidiary 50 employees* *at the end of the financial reporting period Criteria for existing companies incorporated on or before 30 June 2015 Individual Corporate Shareholders Shareholders All existing companies, whether corporate or individual shareholders, incorporated on or before 30 June 2015, can qualify as a "small company" if it meets at least 2 of the 3 quantitative criteria for financial year commencing on 1 July 2015 onwards. 2/3 Total number of Total gross assets as at the end of the financial Total annual revenue of employees as at the end of the financial year of not more than 50 not more than reporting period of not more than $10 million $10 million A company continues to be exempted from audit until it does not meet the quantitative criteria for the immediate past two consecutive financial years. NEED HELP WITH YOUR UNAUDITED REPORT? Our corporate specialists can help you. Call us at +65 6320 1888 for a free consultation. RIKVIN RIKVIN PTE LTD | 30 Cecil Street, #19-08 Prudential Tower, Singapore 049712 Phone: (+65) 6320 1888 | Fax: (+65) 6438 2436 | info@rikvin.com | www.rikvin.com

New Criteria for Audit Exemption for Small Companies

shared by rikvinsg on Aug 13
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A new “small company” criterion is introduced to replace the EPC criterion for audit exemption. Effective date of audit exemption for small company criterion is on 1 July 2015. The audit exemption...

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