A company can be exempted from having audited report if: 
 

(a) It is a private company in the financial year in question; and 
 

(b) It meets at least 2 of 3 following criteria for immediate past two consecutive financial years: 

1. Total annual revenue ≤ $10 million; 

2. Total assets ≤ $10 million; 

3. Number of employees ≤ 50.

Company that is exempted from the audit requirement is still required to prepare a full set of unaudited Financial Statements. 

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