New audit exemption rule saves SMEs money, time

THE Small and Medium Enterprises Association of Malaysia (Samenta) would like to congratulate the government for taking the bold and radical approach of exempting our category of business from compulsory financial audits from 2025 onwards.

The new audit exemption, issued by the Companies Commission of Malaysia, exempts small and medium enterprises (SMEs) with up to RM3mil in turnover or assets, or 30 employees, from having to appoint an external financial auditor. This exemption will be phased over three years by size, with smaller SMEs with RM1mil in turnover being exempted from 2025 onwards.