Audit Requirements for Companies with >$10M Revenue: Singapore 2026 Guide

Audit Requirements for Companies with >$10M Revenue: Singapore 2026 Guide | Bestar

Audit Requirements for Companies with >$10M Revenue: Singapore 2026 Guide

Direct Answer: In Singapore, companies with annual revenue exceeding S$10 million generally require a mandatory statutory audit. Under the Companies Act 1967, a private company loses its "small company" exemption if it fails to meet at least two of these criteria for two consecutive years: revenue ≤ S10M, total assets $\le$ S10M, or ≤ 50 employees.

Do You Need an Audit? The "Small Company" Test

Under ACRA’s current 2026 guidelines, your company is only exempt from audit if it qualifies as a "Small Company" or is part of a "Small Group." To maintain exemption, you must satisfy at least two out of three of the following quantitative criteria for the past two consecutive financial years:

Criteria	Threshold for Exemption
Total Annual Revenue	≤ S$10 million
Total Assets	≤ S$10 million
Number of Employees	≤ 50

Important for Groups: If your company is a subsidiary, the thresholds apply to the entire group on a consolidated basis. If the group revenue exceeds S$10M, the subsidiary must be audited even if its individual revenue is lower.

Audit Readiness Checklist (December FYE Example)

Once you hit the $10M milestone, your compliance calendar shifts. Use this phased approach to avoid late-filing penalties.

Phase 1: Pre-Closing (Oct – Dec)

• [ ] Inventory Count: Schedule your year-end stocktake; auditors must observe this for material inventory.

• [ ] Fixed Asset Review: Verify physical assets against the General Ledger.

• [ ] SFRS 115 Review: Ensure revenue recognition policies align with the latest Singapore Financial Reporting Standards.

Phase 2: The Audit Fieldwork (Jan – April)

• [ ] External Confirmations: Send verification letters to banks, lawyers, and major debtors.

• [ ] Schedules Preparation: Draft lead schedules for Accounts Receivable (AR), Accounts Payable (AP), and Accruals.

• [ ] Internal Control Testing: Document your "Order-to-Cash" and "Purchase-to-Pay" cycles for auditor review.

Phase 3: Statutory Deadlines

• ECI Filing (IRAS): Within 3 months of Financial Year End (FYE).

  
  

• AGM: Within 6 months of FYE.

  
  

• Annual Return & XBRL (ACRA): Within 7 months of FYE.

Why Bestar? The "Goldilocks" Choice

Audit Requirements for Companies with >$10M Revenue: Singapore 2026 Guide

When you outgrow simple accounting apps but don't want the "Big 4" overhead, Bestar provides the perfect mid-tier balance.

Feature	DIY Accounting Apps	Bestar Singapore	The "Big 4"
Audit Status	No (Software only)	Full Statutory Audit (PAC)	Premium Audit
Expertise	Basic Automation	SFRS & Group Specialists	Global M&A / IPO
Personal Touch	Chatbots	Partner-Led Access	Junior Associates
Pricing	Budget ($)	Value-Driven ($$)	Institutional ($$$$)

Real Success: Case Study

The Scale-Up Scenario: A Fintech firm grew from S4MtoS12M revenue in 2025.

• The Problem: They had no audit trail and used informal expense claims.

  
  

• The Bestar Solution: We implemented a "Pre-Audit Gap Analysis," converted their accounts to full SFRS compliance, and managed the 2026 XBRL filing.

  
  

• The Result: A clean audit opinion that helped them secure a S$5M venture debt facility.

⭐ Client Testimonials

"Bestar didn't just 'do the audit'; they rebuilt our internal controls. Their expertise was the reason our Series B funding round went through without a hitch." — Marcus Tan, CEO

"Switching from a Big 4 firm to Bestar saved us 35% in fees while actually improving our access to senior partners. Highly recommended for $10M+ firms." — Sarah Lim, Finance Director

Take the Next Step

Is your business audit-ready for the 2026 season? Don't wait for an ACRA notice. Transitioning to a statutory audit is a sign of your success—ensure it’s handled with precision.

Get a Custom Audit Proposal Or call our Senior Consultants at +65 6299 4730 for a no-obligation compliance health check.