Audit Exemption for Qualifying Private Companies in Malaysia
On 16 December 2024, the Companies Commission of Malaysia (SSM) introduced Practice Directive No. 10/2024, outlining the eligibility criteria for audit exemptions and the phased implementation plan for private companies in Malaysia, which is applicable for financial statements with annual financial periods commencing on or after 1 January 2025.
The audit exemption aims to reduce the financial burden for carrying out audits on micro and small private companies, promoting ease of doing business whilst ensuring financial accountability.
