Malaysia Office:
Acumen Business Services:

16-01, Jalan Rosmerah 2/14,
Taman Johor Jaya,
81100 Johor Bahru,
Johor, Malaysia.
Singapore Office:
Kelly Accounting Services:
10, Anson Road,
#26-04 International Plaza,
Singapore 079903.

Compilation of Unaudited Financial Report

Exempt of statutory audit
A company may be exempted from statutory audit if :
  • It is an Exempt Private Company (“EPC”). EPC is a private company which has no corporate shareholder (direct or indirect) and the number of shareholders in the company is not more than 20.
  • Annual revenue of EPC does not exceed S$5mil for financial year starting on and after 1 June 2004
  • Shareholders who represent 5% or more of a company’s ordinary shares do not request for audit
  • Banks or other creditors/financial companies do not request for audit
However, EPCs are still required to prepare a financial report in a format defined by the Companies Act and the Singapore Financial Reporting Standards when making tax submission to IRAS. It is important that the financial report be prepared by a CPA to ensure compliance with all statutory requirements. The fee for a compilation engagement is lower than the audit fee.