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Check it out closely
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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.
[/vc_column_text][vc_single_image image=”2509″ img_size=”large” alignment=”center” css=”.vc_custom_1565320319428{margin-top: 50px !important;}”][vc_column_text css=”.vc_custom_1565320356011{margin-top: 50px !important;}”]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.
[/vc_column_text][vc_single_image image=”2510″ img_size=”large” alignment=”center” css=”.vc_custom_1565320458668{margin-top: 50px !important;}”][vc_column_text css=”.vc_custom_1565320591983{margin-top: 50px !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.[/vc_column_text][/vc_column][/vc_row]