Sovereign works with a range of auditors and is able to accommodate all clients – irrespective of their size – so audit fees should not be excessive. Not all Singapore companies are subject to an audit of their financial statements. In order to save companies the time and costs of an annual audit, Singapore introduced the concept of a “small company” in 2015. A small company is exempt from the requirement for an annual audit and any private company qualifies as a small company if it meets at least two of the following three criteria:
Total revenue does not exceed S$10million;
Total assets do not exceed S$10million;
Number of employees does not exceed 50.