The 2003 Companies Amendment Act gives you exemption from the need to have an audit of your financial statements.  But it does not exempt you from the need to produce financial statements that comply with Financial Reporting Standards gazetted as mandatory under the Singapore Companies Act and Regulations.  The 2003 Companies Amendment Act gives you the choice of having a unqualified Company Secretary so long as you are satisfied the Company Secretary has the necessary knowledge and experience.

In effect all the statutory responsibilities are on the shoulders of the directors.  Previously you could rely on the auditors to ensure that your financial statements comply with mandatory Singapore Accounting Standards.  Previously you could also rely on a qualified Company Secretary (our Company Secretary is a qualified advocate and solicitor) to ensure that the directors have complied with all the provisions of the Companies Act and Regulations.

There are other statutory responsibilities such as the Employment Act, the Central Provident Fund Act, the Income Tax Act, and subsidiary legislation and regulations.

CorporateWatch keeps a watch on all the statutory responsibilities that directors may be exposed to and keeps you informed.  A monthly retainer service that gives you a peace of mind all year round.

For some answers, see our article on Directors' Statutory and Fiduciary Duties.