Compilation of Unaudited Report Qualifying Criteria

A non-audited report, also referred to as compilation report is a better option for a company to meet the same compliance requirement, as it is relatively more cost-effective compared to audited reports. Companies today can opt for non-audited reports, however your firm has to qualify for exemption from audit.

Your company is exempted for audit if:-

There is no corporate shareholder

Total number of shareholders is less than 20

95% of shareholders agree for compilation report

Annual revenue does not exceed S$5 million

Compilation of Unaudited Report

Unaudited reports are sufficient for tax filing and Annual Return. Unaudited report is compiled with due care, diligence and professional competence, making it sufficient for the purpose of filing income tax and annual returns.

The compilation report, prepared in compliance with the Singapore Financial Reporting Standards (“SFRS”), includes a full set of financial statements prepared with explanatory notes and accompanied by the Directors’ report and Statements.