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audit exemption

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audit exemption 1

1. Dormant companies

A dormant company qualifies for audit exemption if it has been dormant from the time of its incorporation; or it is dormant throughout the current financial year and in the immediate preceding financial year.

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2. Zero-revenue companies

A zero-revenue company is qualified for audit exemption if it does not have any revenue during the current financial year; it does not have any revenue in the immediate past two financial years; and its total assets in the current Statement of Financial Position (FS) does not exceed RM300,000 as well as in the FS of the immediate past two financial years.

 

nothing important

3. Threshold-qualified companies

A threshold-qualified company is qualified for an audit exemption if it fulfills the following criteria-

(a) It has revenue not exceeding RM100,000 during the current financial year and in the immediate past two (2) financial years;

(b) Its total assets in the current Statement of Financial Position does not exceed RM300,000 and in the immediate past two (2) financial years; and

(c) It has, at the end of its current financial year and in each of its immediate past two (2) financial years’ end, not more than five (5) employees.