{"id":814,"date":"2022-07-05T11:56:49","date_gmt":"2022-07-05T03:56:49","guid":{"rendered":"https:\/\/leekimaudit.com\/kr\/?p=814"},"modified":"2022-11-21T17:06:39","modified_gmt":"2022-11-21T09:06:39","slug":"small-company-concept-for-audit-exemption","status":"publish","type":"post","link":"https:\/\/leekimaudit.com\/kr\/small-company-concept-for-audit-exemption\/","title":{"rendered":"Small Company Concept for Audit Exemption"},"content":{"rendered":"\r\n<p>With the Small Company Concept implemented by ACRA, a company whose financial years beginning on or after 1 Jul 2015 can still be exempted from audit even though it is not an exempt private company.<\/p>\r\n<p>This concept has further increased the threshold for a company having to be audited.<\/p>\r\n<p>Despite this, business owners have go ahead with its accounts to be audited as it view this as an investment due to numerous advantages.<\/p>\r\n<p>A company may be more ready to get finance if its financial statements have been audited. Financial statements that have been audited tend to create the impression that a company is reliable and genuine. As a result, the likelihood that the company will receive financing rises, giving it more credibility in the eyes of potential investors.<\/p>\r\n<p>Bankers will require financial statements to be audited for loan processing as the company will need to comply with the banking requirements for covenants.<\/p>\r\n<p>Source:<a class=\"primary-color\" href=\"https:\/\/www.acra.gov.sg\/legislation\/legislative-reform\/companies-act-reform\/companies-amendment-act-2014\/two-phase-implementation-of-companies-amendment-act-2014\/more-details-on-small-company-concept-for-audit-exemption\" target=\"blank\" rel=\"noopener\"> https:\/\/www.acra.gov.sg\/legislation\/legislative-reform\/companies-act-reform\/companies-amendment-act-2014\/two-phase-implementation-of-companies-amendment-act-2014\/more-details-on-small-company-concept-for-audit-exemption<\/a><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>With the Small Company Concept implemented by ACRA, a company whose financial years beginning on or after 1 Jul 2015 can still be exempted from audit even though it is not an exempt private company. This concept has further increased the threshold for a company having to be audited. Despite this, business owners have go [&#8230;]\n","protected":false},"author":2,"featured_media":827,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70],"tags":[91,92],"_links":{"self":[{"href":"https:\/\/leekimaudit.com\/kr\/wp-json\/wp\/v2\/posts\/814"}],"collection":[{"href":"https:\/\/leekimaudit.com\/kr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/leekimaudit.com\/kr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/leekimaudit.com\/kr\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/leekimaudit.com\/kr\/wp-json\/wp\/v2\/comments?post=814"}],"version-history":[{"count":3,"href":"https:\/\/leekimaudit.com\/kr\/wp-json\/wp\/v2\/posts\/814\/revisions"}],"predecessor-version":[{"id":1066,"href":"https:\/\/leekimaudit.com\/kr\/wp-json\/wp\/v2\/posts\/814\/revisions\/1066"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/leekimaudit.com\/kr\/wp-json\/wp\/v2\/media\/827"}],"wp:attachment":[{"href":"https:\/\/leekimaudit.com\/kr\/wp-json\/wp\/v2\/media?parent=814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/leekimaudit.com\/kr\/wp-json\/wp\/v2\/categories?post=814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/leekimaudit.com\/kr\/wp-json\/wp\/v2\/tags?post=814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}