Audit exemption for small and dormant companies

To further reduce the cost of doing business, the Companies Commission of Malaysia has announced that dormant, zero-revenue and threshold-qualified private companies are eligible to elect for audit exemption. Dormant companies A dormant company is a private entity as defined by the Malaysian Accounting Standards Board (MASB) and the company is qualified for audit exemption if— (a) it has been dormant from the time of its incorporation; or (b) it is dormant throughout the current financial year and in the immediate preceding financial year. Zero-Revenue Companies A zero-revenue company is a private entity as defined by the Malaysian Accounting Standards Board (MASB) and the company is qualifi

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