A company shall appoint an auditor within three months from the date of incorporation, unless it is exempted from an audit. A company must be classified as a small company and be part of a small group to be exempted from audit requirements.
A small company or small group is defined as meeting at least 2 out of the 3 criteria:
Dormant companies may also be exempted from audit. A company must keep accounting and other records (such as register of shareholders, directors and corporate secretaries), to allow preparation of true and fair financial statements in accordance with the Singapore Financial Reporting Standards. These standards are substantially the same as IFRS. The accounting records must be kept for at least 5 years after the completion of the transactions or operations to which they relate.