Audit - Needed?

[savestheday]

I know that a company with turnover of less tan $5 million and less than 20 staff is considered exempt from submitting audited E.O.Y accounts.

However, one of MOMs entrepass renewal requirements is a copy of latest audited accounts.

So it seems an audit is not needed for returns but for entrepass renewal.

Does anyone know more on this?
What is a standard cost for EOY accounting and an audit? More/less than $2500?

[ukdesigner]

It depends what type of company you are. Are you pte ltd or sole prop? Are you on the new system or the old one?

The forms they now send out relate to the new system and don't take into consideration the old system people. You had a choice to move to the new system or stay on the old one.

I don't know the costs or if you have to have audited accounts. Best to ring them and ask if it's absolutely necessary.

[savestheday]

Will be a Pte Ltd and the new system because we haven't applied yet. Just working out the financials.

[ukdesigner]

in that case I wouldn't worry about renewing yet. I'd be more concerned with getting the pass. The rules have been seriously tightened up and even people like me, established here for 3 years, employing locals, growing business etc etc are being put through the mill when it comes to renewal times.

Just throw 1k down for costs. It could be less or it could be more. I presume you're doing your projected costs. If so they are exactly that, projected. Always over-estimate your costs. If employing locals don't forget the 13th month bonus and add in CPF, CDC and other unseen payments to the government.

[savestheday]

Thanks, yeah will do and like you say just projections.

Have all that down, although haven't heard of cdc?