Companies Act 1967 · 2020 Revised Edition · Part 6 · Financial Statements and Audit
205C. Small company exempt from audit requirements
Last amended by an amending law of 2014.
Official textFrom Singapore Statutes Online, unchanged
Subject to subsections (3), (4) and (6), a company that is a small company in respect of a financial year is exempt from audit requirements for that financial year.
company
“company” means a company incorporated under this Act or under any corresponding previous written law;
Section 205B(4), (6) and (7) applies, with the necessary modifications, to a small company so exempt.
Subsection (1) does not apply to a parent company unless the parent company —
parent company
“parent company” means a company that is required under the Accounting Standards to prepare financial statements in relation to a group;
is a small company; and
is part of a small group.
Subsection (1) does not apply to a subsidiary company unless the subsidiary company —
subsidiary company
“subsidiary company” means a company that is a subsidiary as defined in the Accounting Standards;
is a small company; and
is part of a small group.
In this section, “small company” and “small group” have the meanings given in the Thirteenth Schedule.
This section does not apply to a company with respect to its financial statements for a financial year commencing before 1 July 2015 and such a company must prepare its accounts or consolidated accounts and its directors must lay them at its annual general meeting in accordance with Part VI in force immediately before that date.
financial statements
“financial statements” means the financial statements of a company required to be prepared by the Accounting Standards;
Without limiting section 197(2), a company mentioned in subsection (6) must, when lodging a return with the Registrar under section 197, attach a copy of the accounts or consolidated accounts so prepared.
Registrar
“Registrar” means the Registrar of Companies appointed under this Act and includes any Deputy or Assistant Registrar of Companies;
Terms defined in this Act
accounts
Defined · s 4“accounts” means profit and loss accounts and balance sheets and includes notes (other than auditors’ reports or directors’ reports) attached or intended to be read with any of those profit and loss accounts or balance sheets;
annual general meeting
Defined · s 4“annual general meeting”, in relation to a company, means a meeting of the company required to be held by section 175;
audit requirements
Defined · s 4“audit requirements” means the requirements of sections 201(8) and (9) and 207;
company
Defined · s 4“company” means a company incorporated under this Act or under any corresponding previous written law;
financial statements
Defined · s 209A“financial statements” means the financial statements of a company required to be prepared by the Accounting Standards;
financial year
Defined · s 4“financial year” —(a)in relation to a corporation — means the period in respect of which the financial statements of the corporation is made up, whether that period is a year or not; and(b)in relation to a company — is also to be determined in accordance with section 198;
parent company
Defined · s 209A“parent company” means a company that is required under the Accounting Standards to prepare financial statements in relation to a group;
Registrar
Defined · s 4“Registrar” means the Registrar of Companies appointed under this Act and includes any Deputy or Assistant Registrar of Companies;
subsidiary company
Defined · s 209A“subsidiary company” means a company that is a subsidiary as defined in the Accounting Standards;
Part 7
Arrangements, Reconstructions and Amalgamations
Part 8
Part 8A
Part 9
Investigations
Part 10
Dissolution
Part 10A
Transfer of Registration
Part 11
Various Types of Companies, Etc.
Part 11A
Register of Controllers, Nominee Directors and Nominee Shareholders of Companies
Part 12