Under the Companies Act 2016, it appears that dormant companies and small private companies will no longer need to appoint auditors. This audit exemption will allow startups and SMEs to enjoy further cost savings in the running of their businesses.
Allowing for audit exemption also brings Malaysia in line with practices in other countries like the UK, Australia and Singapore.
[edit: The Companies Commission of Malaysia has now published the feedback it has received on the public consultation on the proposed audit exemption. I have written about it here.]