What is the audit process for small medium enterprises in Singapore?

According to World Bank’s Ease of Doing Business Index, annual audit and compliance in Singapore is less burdensome for investors than in many other ASEAN countries especially for small medium enterprises (SMEs). Once SMEs qualify as Exempt Private Companies (EPCs), instead of preparing and filling an annual audit with the Accounting and Corporate Regulatory Authority (ACRA), EPCs may simply submit a declaration of solvency signed by the company directors and the company secretary.