Companies Commission of Malaysia (“SSM”) has made an announcement on 4 August 2017 in relation to the Practice Directive No. 3/2017 entitled “Qualifying Criteria for Audit Exemption for Certain Categories of Private Companies” which sets out the qualifying criteria for private companies from having to appoint an auditor in a financial year (audit exemption).
For the purpose of this Practice Directive, the following categories of private companies qualify for audit exemption:
(a) Dormant companies
(b) Zero-Revenue Companies
(c) Threshold-Qualified Companies
For more detail, please refer to the Practice Directive No. 3/2017 in the below link:
http://www.ssm.com.my/Pages/Legal_Framework/PDF%20Tab%202/pd3_2017-qualifying_criteria_for_audit_eemption_for_certain_categories_of_private_companies_0.pdf
