Who is an Auditor?

Who is called an Auditor?

Requirement of Auditor for Singapore companies?

Requirement of Auditor for companies in Singapore?

Is Auditor to be appointed mandatorily for Singapore companies?

Is Auditor to be appointed mandatorily for companies in Singapore?

Every company must appoint an auditor within 3 months of incorporation, unless it is exempted from audit requirements under relevant sections of the Companies Act.

Exemption from Audit Requirements

Companies that are regarded as a “small company” for a particular financial year, or are dormant, are exempt from audit requirements. These companies therefore do not need to appoint auditors (or have their financial statements audited) for that financial year.

 Small Company Exemption

In general, a company will be considered a “small company” if it is a private company throughout the current financial year, and satisfies any 2 of the following criteria for each of the 2 financial years immediately before the current financial year:

• The company’s revenue does not exceed SGD10 million;
• The value of the company’s total assets does not exceed SGD10 million; or
• The company does not have more than 50 employees.

Refer to the Thirteenth Schedule of the CA for the criteria that companies incorporated for less than 3 years, or incorporated before 1 July 2015, have to meet in order to be considered a “small company”.