The audit requirements would differ based on the charity’s income/expenditure, as well as their IPC status.

a)     For all IPCs and charities which are companies limited by guarantee (CLG), the financial statements must be audited by a public accountant,

b)     For other charities:

• If the gross income or total expenditure** of the charity is $250,000 or less, the accounts can be i) examined by an independent person (also known as the Independent Examiner) who is reasonably believed by the governing board members to have the requisite ability and practical experience to carry out a competent examination of the accounts, ii) examined by an independent person who is a member of the Institute of Singapore Chartered Accountants (ISCA) or who possesses the necessary qualifications to be a member of the ISCA or iii) audited by a public accountant.

• If the gross income or total expenditure of the charity is between $250,000 to $500,000, the accounts can be i) examined by an independent person who is a member of the ISCA or who possesses the necessary qualifications to be a member of the ISCA or ii) audited by a public accountant.

• If the gross income or total expenditure of the charity is above $500,000, the accounts must be audited by a public accountant.

** Income and expenditure refers to the gross income or total expenditure of the charity in any of the last 3 financial years, whichever the highest.