SERVICE
EJ CONSULTANCY
OVERVIEW
Our auditing service is designed to ensure transparency, accuracy, and compliance with Malaysian financial regulations. We provide independent and objective assessments of your company’s financial statements, helping you maintain credibility with stakeholders and regulatory bodies. Our experienced, licensed auditors follow strict professional standards, offering clear insights and practical recommendations to strengthen internal controls and support long-term business growth.
Audit
Requirement
Exemption
Criteria
Filing
Deadlines
Auditing
Fee
AUDIT REQUIREMENT
Under the Companies Act 2016, most companies in Malaysia, including Sdn Bhd (Private Limited Companies) and Berhad (Public Limited Companies), must have their financial statements audited annually by an approved auditor. Only certain small companies may qualify for audit exemption if they meet the SSM criteria (e.g., very low revenue, small assets, and minimal employees). Sole proprietorships and partnerships are not required to audit but still need proper accounts for tax submission.
EXEMPTION CRITERIA
A small company audit exemption applies if a private company meets all three conditions for 3 consecutive years:
Annual revenue of RM100,000 or less
Total assets of RM300,000 or less
Five or fewer employees
If these conditions are not met, the company must undergo a statutory audit.
FILING DEADLINES
Companies must complete their audit and circulate audited financial statements to shareholders within 6 months after the financial year-end. The audited financial statements must then be lodged with SSM within 30 days. Separately, the company’s tax return (Form C) must be filed with LHDN within 7 months after the financial year-end.
Compliance Timeline (Example: 31 Dec Year-End)
Bookkeeping → Continuous (monthly/quarterly recording of transactions)
Financial Statement Preparation → Jan – Mar (draft accounts ready)
Audit → Mar – Jun (auditors review and finalize financial report)
Submission to SSM → By 30 Jun (within 6 months after year-end)
Tax Filing with LHDN → By 31 Jul (within 7 months after year-end)
AUDITING FEE
|
Total Assets or Gross Turnover |
Cumulative |
Rate |
Fees |
Cumulative Fees |
|---|---|---|---|---|
|
The first 100,000 |
100,000 |
1% |
1,000 |
1,000 |
|
The next 150,000 |
250,000 |
0.44% |
657 |
1,657 |
|
The next 250,000 |
500,000 |
0.31% |
783 |
2,440 |
|
The next 500,000 |
1,000,000 |
0.19% |
940 |
3,380 |
|
The next 1,500,000 |
2,500,000 |
0.13% |
1,875 |
5,255 |
|
The next 2,500,000 |
5,000,000 |
0.10% |
2,500 |
7,755 |
|
The next 5,000,000 |
10,000,000 |
0.09% |
4,700 |
12,455 |
|
Total Assets or Gross Turnover |
Fee (RM) |
|---|---|
|
10,000,000 to 20,000,000 |
1,000 for every RM1,000,000 |
|
Above 20,000,000 |
Negotiable |
SCOPE OF SERVICES
Our auditing services are carried out in accordance with the requirements of the Companies Act 2016, Malaysian Financial Reporting Standards (MFRS), and applicable Approved Standards on Auditing. Our scope typically covers the following:
1. Financial Statement Examination
Review and verification of the company’s balance sheet, income statement, and cash flow statement.
Ensure compliance with Malaysian Financial Reporting Standards (MFRS) and regulatory requirements.
2. Internal Control Assessment
Evaluate the effectiveness of internal accounting and control systems.
Identify weaknesses that may expose the company to errors, fraud, or inefficiencies.
3. Supporting Documentation Review
Examine accounting records, source documents, and reconciliations.
Verify the accuracy and completeness of recorded transactions.
4. Audit Report Preparation
Provide an independent auditor’s opinion on the fairness and reliability of financial statements.
Highlight key audit findings and areas for improvement in financial management.
5. Regulatory Compliance Support
Ensure statutory audit requirements under SSM (Companies Commission of Malaysia) are fulfilled.
Assist with timely filing of audited accounts and compliance with deadlines for tax submissions.
