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Exemption for audit
Your company may be exempted for audit requirement if:
  • It is a Private Exempt Company ("EPC"), EPC means no corporate shareholder in the company and the number of shareholders in the company is not more than 20.
  • Annual revenue of the company does not exceed $5 million for financing years starting on and after 1 June 2004
  • Shareholders who represent 5% or more of a company's ordinary shares does not request for audit, or
  • Banks or other creditors/financial Companies does not require auditing.
Compilation of financial statement requirement
Company that is exempt from audit and filing requirement is still required to prepare a full set of financial statements (compilation report) including explanatory notes and must accompanied by the Directors' Report and the Statement by Directors, and must be prepared in compliance with the Financial Reporting Standards ("FRS").

A compilation report will give you the comfort that the information is compiled with professional competence and due care. It is also sufficient for income tax filing purpose. However, a Compilation Engagement is not as "Stringent" as an audit. The fee for a Compilation Engagement is lower than the audit fee.

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