Audit exemption for small companies

The audit exemption is applicable for financial years beginning on or after 1 Jul 2015.

Qualification Criteria

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.