Most private limited companies in Singapore are no longer required to have their accounts audited if they satisfy certain conditions.
- Exempt private companies — which have no corporate shareholders and no more than 20 individual shareholders
- with turnover of less than S$10 million for the accounting year can file unaudited reports.
- Dormant companies are also exempt from submitting audited reports.
All other companies are required to appoint an independent auditor within 3 months of incorporation and be prepared to submit audited accounts to ACRA on an annual basis.