Does a company need to have their accounts audited annually ?
From 15 May 2003, private exempt companies with annual turnover of less than S$5 million in a financial year are no longer required to have their annual accounts audited. However, these companies are still required to prepare their accounts that comply with FRS. In certain instances, the creditors, shareholders and/or bankers of the company may require that the accounts of the company be audited annually notwithstanding that the company may be exempt from audit under the law.
