On 4 August 2017, the Companies Commission of Malaysia (SSM) brought into action audit exemption for certain categories of private companies. An auditor shall not be required to be appointed in order to prepare and audit financial statements if the company fulfil the criteria given.
Companies opting for audit exemption must provide a complete collection of unaudited financial statements, as well as a declaration stating that the company qualifies for audit exemption and that no request for an audit has been received from its shareholders for a specific year.