1.The total revenue and total assets of the Singapore company and its affiliated groups exceed SGD 10 million.

2. The total revenue of the Singapore company and its affiliated groups exceeds SGD 10 million and the company has over 50 employees.

3. The total assets of the Singapore company and its affiliated groups exceed SGD 10 million and the company has over 50 employees.

Singapore companies with no more than 20 shareholders, of which all are individual shareholders (no holding companies), and which annual revenue does not exceed SGD 10 million can be exempted from audit.