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Compilation of Financial Statements

A company is exempt from audit if:

  • The sales turnover does not exceed the $5 million.
  • It has not more than 20 shareholders.
  • It does not have a corporate shareholder at any point in time for the particular financial year.

Although, the Company that is exempt from audit and filing requirement is still required to prepare a full set of financial statements (compilation report) including explanatory notes and must accompanied by the Directors' Report and the Statement by Directors, and must be prepared in compliance with the Financial Reporting Standards ("FRS").

A compilation report will give you the comfort that the information is compiled with professional competence and due care. It is also sufficient for income tax filing purpose.

Our Compilation of Financial Statements Services are as follows:

  • Preparation of financial reports in compliance with Financial Reporting Standards and Companies Act.
  • Advices on accounting related matters.
  • Provide timely reminder on the relevant deadlines.