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Is it possible to do away with the statutory audit requirement for private companies?



This idea was considered by the Company Legislation and Regulatory Framework Committee (CLRFC) during its review. The CLRFC felt that while the international trend is in the direction of removing statutory audit for all private companies, this should not be implemented overnight. A better approach is to introduce the changes in phases.  The CLRFC was of the view that as the exempt private company structure has met the needs of small business in Singapore for many years, it would provide a good starting point for implementing the proposal to remove statutory audit. The CLRFC has also recommended removing statutory audit for dormant companies (which includes non-exempt private companies). These are companies with no significant accounting transactions during the year.  The government has accepted the CLRFC's recommendations. Moving forward, the exemption criteria will be regularly reviewed to ensure they remain relevant.

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