The law allows an exempt private company to be exempted from audit requirements in respect of a financial year if its revenue in that year does not exceed the prescribed amount. With effect from 1 June 2004, the law has been amended to increase the prescribed amount from S$2.5 million to S$ 5 million for financial years starting on and after 1 June 2004.

The increase in the threshold will help more EPCs to lower the business costs. These companies can now decide based on their business requirements whether it is necessary to carry out audits on their financial statements. The law continues to require all companies to maintain proper accounting records and prepare "true and fair" financial statements that comply with prescribed accounting standards.

The amended law also removes the requirement for secretaries of exempt private companies to sign on the exempt private companies certificates. This amendment shall apply to all exempt private companies for financial years starting on and after 15th May 2003.

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