ACRA Reviews Audit Exemption Framework for Small Companies
Private companies in Singapore may soon qualify for audit exemption under revised thresholds, as ACRA conducts a review to reduce compliance costs for small businesses.
- Current audit exemption criteria require meeting at least two of three thresholds: total annual revenue ≤ $10 million, total assets ≤ $10 million, or employees ≤ 50
- ACRA is consulting on raising these thresholds and allowing subsidiaries to qualify independently even when the group does not meet consolidated criteria
Companies must still maintain proper accounting records and prepare financial statements per prescribed accounting standards regardless of audit exemption status.
Tip: Companies should review their financials against current thresholds and prepare feedback for the ACRA consultation before the 17 April 2026 deadline.
