The Companies Act has provision for certain types of companies to be exempted from statutory audit. These companies are :

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• Private Company in the financial year in question, and 

• It meets at least 2 of 3 following criteria for immediate past two consecutive financial years :

1. Total annual revenue ≤S$10m

2. Total assets less than ≤S$10m

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• For a company which is part of a group :

1. The company must qualify as a small company; and

2. Entire group must be a "small group" to qualify to the audit exemption

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If your company fits the requirements above, then you need not have to be audited.

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However, Companies and directors still have a legal responsibility to ensure that proper accounting and other records are kept to enable the audited financial statements to show a true and fair view to be prepared in accordance with the Singapore Financial Reporting Standards.

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The unaudited financial statements or compilation report is to be tabled during AGM, Annual Return Filing with ACRA and income tax filing with IRAS.

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