How do I file an exemption for an audit?

How do I file an exemption for an audit?

(1) Lodgement with SSM

(a) circulate to members within 6 months from financial year end [S258 (1)(a) of Companies Act (CA) 2016]; and

(b) submit to SSM within 30 days from circulation [S259(1)(a) of CA 2016]

(2) Prepare the unaudited account in compliance with approved accounting standard [S244 (1) of CA 2016]

(3) Lodged together with Directors’ report, Statement by Directors and Statutory Declaration [S251 and S252 of CA2016]

(4) accompanied by a certificate (refer to Appendix I) to be signed by a director.

Audit Exemption

SSM may exempt a company from appointing an auditor with criteria and conditions [Section 267(2) of CA2016].

Qualifying Criteria for Audit Exemption

Categories of private companies:

(A) Dormant companies

(B) Zero-Revenue Companies

(C) Threshold-Qualified Companies

Category A - Dormant companies

(a) has been dormant since incorporation, or

(b) dormant throughout the current and in the immediate preceding financial year.

Category B - Zero-Revenue Companies

(a) does not have any revenue during the current financial year; and

(b) does not have any revenue in the immediate past 2 financial years;

and

(c) total assets in the current and immediate past 2 financial years do not exceed RM300,000

Category C - Threshold-Qualified Companies

(a) revenue not exceeding RM100,000 in the current and immediate past 2 financial years; and

(b) total assets in the current and immediate past 2 financial years does not exceed RM300,000; and

(c) not more than 5 employees at the end of its current and immediate past 2 financial years.

Special Circumstance

The audit shall be required if receives a notice in writing from the following person not later than 1 month before the financial year-end

(a) member (holds at least 5%)

or

(b) SSM

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