The Companies Act (amendments) 2014 has introduced the concept of “small company” for the purpose of audit exemption. A company is defined as a small company if it meets two of the following three criteria:
- Revenue less than S$10.0 million;
- Gross asset less than S$10.0 million; and
- Less than 50 employees at year-end date
If the company is part of a group, the above criteria would apply on a group basis.