AUDIT EXEMPTION FOR CERTAIN CATEGORIES OF PRIVATE COMPANIES

The Companies Commission of Malaysia (SSM) has issued Practice Directive regarding the exemption.

Followings criteria are shall effect immediately:

1. Dormant company,

• incorporated on or after 31 January 2017, the financial statements with annual periods commencing on or after 31 January 2017: and
• where the company is incorporated on or before 30 January 2017, the financial statements with annual periods commencing on or after 1 September 2017.

2. Zero revenue companies, for financial statements with annual periods commencing on or after 1 January 2018.

3. Threshold qualified companies, for financial statements with annual periods commencing on or after  1 July 2018.

SOURCE :MIA