SSM proposes to review audit exemption criteria for private companies

The Companies Commission of Malaysia (SSM) has proposed to review the threshold of the qualifying criteria for audit exemption for certain categories of private companies.

SSM said in a statement that the proposed review would be conducted via a consultation exercise with the publication of the Consultative Document on Proposed Review of Audit Exemption Criteria for Private Companies in Malaysia today.

It said that as a background, the qualifying criteria for audit exemption was introduced on Aug 4, 2017, Practice Directive No. 3/2017 in line with the policies to reduce the regulatory and administrative burdens faced by smaller companies in complying with the Companies Act 2016.