Unaudited Financial Report
A company may be exempted from statutory audits in the event:
• that annual turnover of the company does not exceed S$5,000,000
• that there are no corporate shareholders
• that you have maintained all accounting records
• that all shareholders gave their permission to the audit exemption
However, in compliance with Financial Reporting Standards (FRSs), the exemption does not relieve the firm’s directors from preparing the company’s financial statements. This includes the Statement of Changes in Equity, Balance Sheet, Cash Flow Statement, Income Statement, and Notes to Accounts.
These reports are essential in filing tax returns with the Inland Revenue Authority of Singapore (IRAS). Most financial institutions also require these documents in reviewing loan applications.
Do you need assistance in the compilation of your company’s unaudited financial statements and reports? Richmond offers a Post Incorporation Package that is aimed at providing clients with high-quality service at a reasonable rate.
For S$998, you will be entitled to the following services:
• Annual Corporate Secretarial Services
• Income Tax Computations and returns
• Compilation of Unaudited Financial Reports
