For companies exempt from the audit requirement, House of Services will be able to prepare a full set of financial statements including explanatory notes, the Directors’ Report and the Statement by Directors, all in compliance with the Financial Reporting Standards. The compilation report is also sufficient for income tax filing purposes. Clients may rest assured that their compilation reports are prepared with professional competence and due care.
Companies that are exempted from the audit requirement:
- Private Exempt Company (EPC) – no corporate shareholder in the company and the number of shareholders in the company does not exceed 20
- Annual revenue of the company does not exceed $5 million for financing years starting on and after 1 June 2004
- Shareholders who represent 5% or more of a company’s ordinary shares do not request for audit
- Banks or other creditors/financial companies
For more information and quotation queries, please contact us.
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