If your company qualifies for audit exemption, nobody checks your accounts from the outside. That makes the preparation matter more, because the statements still go to your members, to ACRA, to IRAS and often to your bank. We prepare them under the Singapore accounting standards and make sure they tie back to your books.
Last reviewed 17 October 2026. Sources: ACRA, IRAS.
Do you need an audit?
Probably not, if you’re a small private company. ACRA’s test: the company must be private, and meet at least two of these three in the relevant years:
- revenue of S$10 million or less
- total assets of S$10 million or less
- 50 employees or fewer
For an established company, ACRA looks at the two most recent consecutive financial years. A company less than two years old is tested on its current year. If you’re part of a group, the group has to be small too. Dormant companies are exempt separately under section 205B. Our audit exemptions guide goes through the test with an example.
Exempt from audit doesn’t mean exempt from reporting
You still prepare financial statements, send them to your members, and file with ACRA (the XBRL type depends on your company, see XBRL filing). You still file the annual return and your tax returns with IRAS. The directors remain responsible for the statements, even when someone else prepares them.
What we prepare
| Item | What it covers |
|---|---|
| Statement of financial position and statement of profit or loss | Built from your reconciled books |
| Notes | Accounting policies, and the disclosures the standards require for your company |
| Directors’ statement | Prepared for the directors to review and sign |
| Tax computation | If you also use our corporate tax service |
| Filing pack | Ready for the AGM or members’ circulation and ACRA filing |
The statements start from the books, so the quality of the bookkeeping decides how smooth this is. If the year isn’t reconciled, we’ll tell you what’s missing before we start.
What we need from you
- Bank and credit card statements for the full year
- Sales and purchase records, and payroll summaries
- Loan agreements and any related-party balances
- Fixed asset purchases and disposals
- Anything the bank or an investor has asked for
The dates your statements feed into
For a company with a 31 December year end: ECI is due within 3 months (31 March), statements go to members within 5 months (31 May) or at an AGM within 6 months (30 June), the annual return is due 7 months after year end (31 July), and Form C-S or Form C is due 30 November. Your dates will shift with your year end.
Example (illustration only)
ABC Pte Ltd has revenue of S$6m, assets of S$4m and 38 staff, so it meets all three criteria and is exempt from audit. We prepare its financial statements from the reconciled ledger, the directors review and sign them, and they go to members and ACRA.
Questions people ask
Can the bank accept unaudited accounts? That’s the bank’s call. Some lenders ask for audited accounts whatever the law requires. Check before you decide.
Do you do audits? We don’t audit our own preparation work. If you need an audit, we can liaise with an auditor you appoint.
What if we’re not eligible for exemption? Then you need an audit. We can prepare the statements for the auditor.
What does “SFRS” mean? It’s the Singapore Financial Reporting Standards, the accounting standards your statements follow. We confirm which set applies to you at the start.
Sources
- ACRA: Audit exemptions, small company concept
- ACRA: Financial statements, filing requirements and exemptions
General information, not professional advice for your specific situation.
Need your accounts prepared?
Tell us your year end and roughly how organised your records are, and we’ll tell you what’s needed. Ask us to prepare your financial statements.