Date: 30th Sept 2019

Compliance Audit Fees

Our affiliate audit partners:
i. SN Wong & Co (Auditor) @ Ipoh, Perak.
ii. ST & Partners PLT (AF 1447) at Damansara Utama, Petaling Jaya, Selangor.
iii. Penang ( Coming soon).

Compliance audit fee starts from RM 1,000.00 and subsequent estimate professional fees base on Gross Turnover (MIA's guideline):

Professional Charges Guideline 30092019

The professional audit fees estimate base on Gross Turnover.

Our affiliate Malaysian audit firm provides Compliance Audit & Assurance covering different types of industries from Multinationals, Manufacturing based industries, SMEs and subsidiaries either local or in ASEAN countries. Compliance audit & assurance covers:

i. Reviewing the corporation's procedures;

ii. Gain assess into various operational methodology;

iii. Defining financial risks;

iv. Preparing audited accounts before Annual General Meeting;

v. Preparing Auditors' Report expressing a true & fair view of the financial position of the company.

Practice Directive No. 3/ 2017

Audit exemption application at RM 200.00 excluding SST and out of pocket expenses where our process flow starts from Accounts dept in doing selection and CoSec Dept. will proceed with the application.

The objective of the PD sets out the qualifying criteria for Sdn. Bhd. or Bhd. from having to appoint an auditor in a financial year (audit exemption). Below are the sections from reference:

1. Subsection 267 (1) CA, 2016 requires every private companies in appointing an auditor for each financial year with the purposes of auditing the financial statements;

2. However in pursuant to subsection 267 (2) CA, 2016 shows that the Registrar may exempt (Private Exemption) in appointing an auditor but with T & C for certain categories:

a. Dormant Companies (DC): The company is dormant from incorp date or throughout the current financial year as it does not carry on business and no accounting transactions excluding transactions which is required by any laws and it's a related cost to comply.

b. Zero-Revenue Companies (Z): The company is having ZERO revenue in the current financial year and in the immediate past 2 financial years while the total current assets in the current statement is not exceeding RM 300,000.00 as well as in the financial statement of the immediate past 2 financial years.

c. Threshold-Qualified Companies (T): A company has a revenue but not exceeding RM 100,000.00 during the financial year and in the immediate past (2) financial years, secondly having a total assets in the financial statement in not exceeding RM 300,000.00 and in the immediate past two financial years with not more than 5 employees.

Once your company is able to fulfill either one of the requirements, talk or message us on the next step for submission of accounts as the unaudited financial statements shall comply with approved accounting standard in pursuant to subsection 244 (1) of the Companies Act, 2016.

Reference:

Registrar of Companies

Companies Commission of Malaysia, 04th Aug 2017