Some private limited companies in Malaysia might qualify to be exempted to have their accounts audited, subject to the guideline soon released by SSM (Suruhanjaya Syarikat Malaysia).
Bayabumi Sdn Bhd provides full account services, drafting of unaudited financial reports for exempt companies and offering audit service through our associated audit firms. Our audit services include all financial statements designed specifically to comply with SSM’s and IRB’s statutory requirements.
When preparing unaudited financial statements, you will receive:
Director’s Report and Statement
Detailed Profit and Loss Statement for the Year End
Detailed Balance Sheet as of a specific date
Company Compliance Notes to Financial Statements
The Profit and Loss Statement, also called the statement of financial performance, offers insights into your company’s sales, expenses, and profits over a defined period, typically one year. On the other hand, the Balance Sheet, also known as the statement of financial position, presents information about your company’s assets, liabilities, and equity, indicating its financial status at a specific moment in time.
For a small or medium enterprise eligible for audit exemption, having the Director’s Report and Statement, Profit and Loss statement, Balance Sheet, and Compliance Notes will ensure compliance with Malaysian laws and regulations. With these documents, you can fulfill your company’s annual return requirements with SSM (Suruhanjaya Syarikat Malaysia) and submit your yearly tax returns to the IRB (Inland Revenue Board of Malaysia).
