Companies who meet the following conditions are exempted from getting financial statements audited:
- It is a private company; and
Meeting at least 2 of 3 following criteria for the immediate past 2 financial years
- Less than $10 million of total annual revenue
- Less than $10 million of total assets
- Less than 50 employees
If the company is part of a group, the company must qualify as a small company and the entire group must be a “small group”. A small group must meet at least 2 of 3 quantitative criteria on the consolidated basis for the immediate past 2 financial years.
Let us help you evaluate whether you meet the above criteria.