A company is exempted from audit if a) It is a private company in the financial year in question; and b) It meets at least 2 of 3 following criteria for immediate past two consecutive financial years: I. Total annual revenue < or = S$10 million; II. Total assets < or = S$10 million; III. Number of employees < or = 50. For a company which is part of a group, to qualify for audit exemptions: a) The company must qualify as a small company; and b) Entire group must be a “small group”. For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two conservative financial years: I. Total annual revenue < or = S$10 million; II. Total assets < or = S$10 million; III. Number of employees < or = 50.

In order for a subsidiary to be able to qualify for the small company exemption, the group to which it belongs would have to qualify as a small group and fulfil the thresholds on a consolidated basis. Therefore, even if the subsidiary is able to qualify as a small company, but the group to which it belongs is not a small group, and the holding company has to audit the consolidated financial statements, the subsidiary would not be able to enjoy the benefits of audit exemption.

Even where the holding company is a foreign company, a Singapore subsidiary will need to determine whether the group to which it belongs qualifies as a small group, to determine if it can qualify for the small company audit exemption. Where the holding company has prepared consolidated financial statements, the “consolidated total assets” and “consolidated revenue” of the group shall be determined in accordance with the accounting standards applicable to the group. Where the holding company does not prepare consolidated financial statements, the consolidated total assets should be determined by the aggregation of the total assets of all the members of the group, and the consolidated revenue should be determined by the aggregated revenue of all the members of the group.

a) Latest business profile filed with ACRA b) Last set of audited/ unaudited financial statements filed with ACRA c) Latest available management accounts

Based on management accounts received, we will provide you with preliminary request list before the commencement of the audit. After which, it will take about 1 month to complete the audit. The timing and completion of the audit is also subjected to the completeness of the data provided and the co operation of your finance team.

a) Agreed Upon Procedures for grant submissions b) Gross sales audit for the submission to landlords

Ranging from SME to subsidiaries of companies listed overseas, several industries we cover are shipping, food & beverages, publishers, manufacturing, investment holding companies, payment gateways, constructions companies, etc.

OA’s value is EPIC whereby E refers to Enterprising where we take initiative to constantly seek new solutions and opportunities to enhance our unique value propositions. P refers to Professionalism where we ensure our staff are certified and qualified professionals who can deliver practical solutions within the committed time frame. I refers to Integrity where we adhere to professional ethics, take ownership. C refers to Client- centric where we priorities our clients’ interest as upmost importance and adapt our solutions to their needs with uncompromising quality services. Our key focus is adding value to your business, safeguarding your interests and ensuring you have full awareness of the changes to legislation and working practices which affect your business. In addition, we review the vital elements of your internal control and processing systems to identify critical risk areas to be mitigated and to provide recommendations for improvements.