What is the 'small company' exemption from the audit requirement?

A \"small company\" in Singapore is defined as a private company that meets at least two of the following three criteria for two consecutive financial years: total annual revenue of not more than SGD 10 million, total assets of not more than SGD 10 million, and no more than 50 employees. If a company qualifies as a small company, it may be exempt from the statutory audit requirement.