"Unaudited" does not mean "informal". If your company qualifies for audit exemption — and almost every sub-S$1M private company does — you still owe your members, ACRA and IRAS a complete, signed set of financial statements. Here's exactly what that set contains.
Who qualifies for audit exemption
A private company is a "small company" — exempt from audit — if it meets any 2 of 3 for the past two financial years:
- Annual revenue ≤ S$10 million
- Total assets ≤ S$10 million
- ≤ 50 employees
The complete unaudited pack
- Statement of comprehensive income — the P&L.
- Statement of financial position — the balance sheet.
- Statement of changes in equity — opening equity → profit → dividends/share issues → closing.
- Statement of cash flows — operating, investing and financing movements.
- Notes — basis of preparation, accounting policies, and supporting notes (fixed assets, share capital, director balances, employee benefits…).
- Directors' statement — the statutory opinion that the statements give a true and fair view and that the company can pay its debts as they fall due, signed by two directors (or the sole director).
Where the signed set goes
To your members (within 5 months of year end if you're using the AGM exemption), into the company's records, and behind your Form C-S figures for IRAS. Solvent exempt private companies don't upload it anywhere — it just has to exist, complete and signed, when asked.
This pack is literally what Bookly produces: all five statements, the notes, and the directors' statement with the solvency clause — built from your documents, downloadable as PDF and Excel, ready to sign. Start free.
Criteria per the Companies Act as at June 2026. General information, not professional advice.