The audit exemption for small companies is designed exclusively for companies that are incorporated in Singapore. This means foreign companies do not directly qualify for this exemption based on their incorporation status. However, in assessing whether a company is part of a small group (for exemption purposes), all entities within the group, including those incorporated abroad, are considered. This assessment involves checking if the combined total revenue and total assets of the entire group, including foreign subsidiaries, meet specific thresholds that qualify them for the exemption.