Your company hasn't prepared an audit report? Beware of being sued by the SSM!
SSM has begin taking legal action against companies that fail to comply with audit requirements.
Maximum penalties include:
- Failure to prepare an Audit Report: Fine of up to RM500,000 or imprisonment for up to 1 year
- Failure to distribute the Audit Report to shareholders: Fine of up to RM50,000
- Failure to submit the Audit Report to SSM: Fine of up to RM50,000
✅ It is advisable to check with your company secretary as soon as possible:
- Whether the Audit Report has been completed
- Whether it has been distributed to shareholders
- Whether it has been submitted to SSM
Don't wait until you receive a compound notice or are charged in court before taking action.