Qualifying Criteria for Audit Exemption for Certain Categories of Private Companies:

Dormant Companies (Effective For FYE After 31/01/2017)

(a) The company has been dormant since its incorporation; or

(b) The company is dormant throughout the current financial year and the immediate preceding financial year.

Zero-Revenue Companies (Effective For FYE After 31/12/2017)

(a) The company has no revenue during the current financial year;

(b) The company has had no revenue in the immediate past two financial years; and

(c) The total assets in the current Statement of Financial Position (FS) do not exceed RM300,000, as well as in the FS of the immediate past two financial years.

Threshold-Qualified Companies (Effective For FYE After 30/06/2018)

(a) The company has revenue not exceeding RM100,000 during the current financial year and in the immediate past two (2) financial years;

(b) The total assets in the current Statement of Financial Position (FS) do not exceed RM300,000, and this holds true for the immediate past two (2) financial years;

(c) At the end of its current financial year and in each of its immediate past two (2) financial years, the company has not employed more than five (5) individuals.

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