|We apologise if you had inadvertently received a duplicate copy of this alert. We are currently working on updating our email database, and hope to resolve future duplicate dispatches, if any. We appreciate your kind indulgence and patience.|
Dear Valued Clients and Associates
AUDIT EXEMPTION (AE)
We are pleased to announce that the long awaited Practice Directive 3/2017 setting out the qualifying criteria for Audit Exemption provided under S267(2) CA2016 for private companies have been finally issued by the Companies Commission of Malaysia on 4 Aug 2017.
In preparation for the implementation of AE for qualifying companies Salient Points on PD 3/2017 are attached herewith for your kind attention.
What would you need to do?
|1. We encourage you to peruse the attached PD 3/2017 Salient Points, and familiarise yourself with the following:
(a) qualifying criteria for AE and the effective implementation dates; and
(b) the reporting compliance requirements for companies eligible for AE.
|2. Contact our AE Task Team:
(a) if your company do qualify for AE;
(b) if you are not sure whether your company is eligible; or
(c) if you require clarifications on PD 3/2017.
Support Services to AE Eligible Companies
|We are also happy to advise that we will be rolling out various new support services to assist and facilitate AE eligible companies to comply with the reporting requirements under PD 3/2017, further details of which will be provided by our AE Task Team.|
Inland Revenue Board (IRB) Synchronisation
The Income Tax Act, 1967 (ITA) requires tax submissions to be prepared based on audited financial statements. We expect a directive from IRB to be issued to synchronise ITA requirements to PD 3/2017 Audit Exemption. An Alert Update will be circulated in due course.
28 August 2017