The audit exemption is applicable for financial years beginning on or after 1 Jul 2015.
A company no longer needs to be an exempt private company to be exempted from audit.
It qualifies as a small company if:
(a) it is a private company in the financial year; and
(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
- total annual revenue ≤ $10m;
- total assets ≤ $10m;
- no. of employees ≤ 50.