SE Lai CK Alert 3-2017 Audit Exemption – Practice Directive 3-2017

Important Circular

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.

AE Task Team

Ext

Ho Chying Ling (Ms)

118

Elsie Tan (Ms)

113

Loo Siew Yin (Ms)

103

Elvis Quan

114

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


Attachment:

Audit Exemption – Practice Directive 3-2107

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