{"id":2453,"date":"2015-06-22T09:00:22","date_gmt":"2015-06-22T01:00:22","guid":{"rendered":"http:\/\/www.biztreemgmt.com\/wordpress\/?p=2453"},"modified":"2020-05-04T14:20:56","modified_gmt":"2020-05-04T06:20:56","slug":"what-is-audit-exemption","status":"publish","type":"post","link":"http:\/\/www.biztreemgmt.com\/wordpress\/what-is-audit-exemption\/","title":{"rendered":"WHAT IS AUDIT EXEMPTION"},"content":{"rendered":"<p><strong>CHANGE IN AUDIT EXEMPTION<\/strong><\/p>\n<p><a href=\"http:\/\/www.biztreemgmt.com\/wordpress\/wp-content\/uploads\/2015\/06\/audit-exemption.jpg\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-2541\" src=\"http:\/\/www.biztreemgmt.com\/wordpress\/wp-content\/uploads\/2015\/06\/audit-exemption.jpg\" alt=\"audit exemption\" width=\"403\" height=\"246\"><\/a><\/p>\n<p>GREAT NEWS for all Singapore registered Company, Audit exemption criteria will enhance to Company with turnover S$10 million . This reform will benefit approximately 25,000 companies in term of their operation cost , auditing fees.<\/p>\n<p>The first phase of reform will take effect with financial year start from 1 July 2015 and after.<\/p>\n<p><strong>BEFORE<\/strong><\/p>\n<p>ONLY Exempt Private company with the following criteria is eligible to :<\/p>\n<ul>\n<li>annual revenue is S$5 million or less<\/li>\n<li>not more than 20 member<\/li>\n<li>no corporate shareholder<\/li>\n<\/ul>\n<p><strong>AFTER<\/strong><br \/>\nIntroduction of new concept <strong>&#8220;SMALL COMPANY &#8220;<\/strong><\/p>\n<p>Any company qualified ANY 2 of the following criteria for immediate past 2 financial year<\/p>\n<ul>\n<li>Total annual Revenue is S$10 million or less than<\/li>\n<li>Total asset is S$10 million or less than<\/li>\n<li>Number of engaged employee is 50 or less than<\/li>\n<\/ul>\n<p>What&nbsp;if company is part of Group Companies ?<\/p>\n<ul>\n<li>must meet ANY 2 of &#8220;SMALL COMPANY&#8221; criteria AND<\/li>\n<li>entire group must be term as &#8220;small group&#8221;<\/li>\n<\/ul>\n<p>&#8221; Small group&#8221; refer to the company able to meet at least 2 of the &#8220;Small company&#8221; concept on a consolidated basis for the past 2 consecutive financial years<\/p>\n<p>Following table shown Transitional provisions for existing companies ( Information from ACRA website)<\/p>\n<p><a href=\"http:\/\/www.biztreemgmt.com\/wordpress\/wp-content\/uploads\/2015\/10\/Transitional_provisions.jpg\"><img loading=\"lazy\" class=\"alignnone wp-image-2749\" src=\"http:\/\/www.biztreemgmt.com\/wordpress\/wp-content\/uploads\/2015\/10\/Transitional_provisions.jpg\" alt=\"Transitional_provisions\" width=\"538\" height=\"486\" srcset=\"http:\/\/www.biztreemgmt.com\/wordpress\/wp-content\/uploads\/2015\/10\/Transitional_provisions.jpg 815w, http:\/\/www.biztreemgmt.com\/wordpress\/wp-content\/uploads\/2015\/10\/Transitional_provisions-300x271.jpg 300w\" sizes=\"(max-width: 538px) 100vw, 538px\" \/><\/a><\/p>\n<p>Please click <a href=\"https:\/\/www.acra.gov.sg\/FAQs_CA_Implementation.aspx\">here<\/a> about FAQ.<\/p>\n<p>Related article :<\/p>\n<p><a href=\"http:\/\/www.todayonline.com\/singapore\/over-200-changes-made-companies-act-overhaul\">Todayonline -Companies Act Reform<\/a><\/p>\n<p><a href=\"https:\/\/www.acra.gov.sg\/uploadedFiles\/Content\/Legislation\/Companies_Act_Reform\/150415_PR%20(web).pdf\">ACRA News release &#8211; Companies Act Reform<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CHANGE IN AUDIT EXEMPTION GREAT NEWS for all Singapore registered Company, Audit exemption criteria will enhance to Company with turnover S$10 million . This reform will benefit approximately 25,000 companies in term of their operation cost , auditing fees. The first phase of reform will take effect with financial year start from 1 July 2015<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[269],"tags":[339,340],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>company registration , company registration singapore - Biztree Management %<\/title>\n<meta name=\"description\" content=\"Get started on your business registration with biztree management , Singapore\u2019s leading one-stop corporate service provider and ACRA appointed filing agent . 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