- Osome Singapore
- Business Vocabulary
- Unaudited Report
Unaudited Report — the data a company has to table to the AGM within 6 months of its financial year end. It includes a profit and loss report, balance sheet, compliance notes and director’s report, and statement.
Who can submit unaudited reports?
Unaudited financial reports are the most common accounting and bookkeeping services in Singapore. The regulations allow most of SME to submit unaudited reports. These are the conditions that your business has to satisfy to qualify for this simplified procedure:
- 0 corporate shareholders and no more than 20 individual shareholders and
- turnover of S$5 million or less in a year, or
- Dormant company Otherwise you need to appoint an auditor no later than 3 months after the company formation and provide audited accounts on annual basis.
What does unaudited report include?
SME are required to present the following documents to ACRA:
- Profit and Loss shows the company sales, expenses, and profit over a given period of time
- Balance Sheet specifies assets, liabilities, and equity The financial statement may also include:
- Cash Flow statement
- Notes to Financial Statement
What's the difference between Audited and Unaudited financial report?
In a nutshell, we use Unaudited Financial Statements in Singapore internally by companies who want to be cost-efficient and save some money on auditor's fees. As you may understand Audited Reports are maximum transparent.
Audited Financial Reports are usually required for the companies that are available for public ownership. Thus future owners can see if the business is worth investing or not.
Audited Financial Statements vs Unaudited in Singapore and ACRA
Business entities in Singapore why comply with audit requirements also represents themselves in a good light before ACRA.