Are You Exempt From Carrying Out An Audit?

Did you know that you could be exempt from carrying out a statutory audit in Malta? Many asked us if it was possible to save from doing an audit, especially startups. The financial regulator heard such requests and in 2019 issued legal notice 101 which goes by the name Companies Act (audit exemption) Regulations. These new regulations exempts a small portion of companies from having their financial statements audited for the first few periods. 

Many governments, economists and policy makers around the world claim that small businesses and start-ups are the backbone of a strong economy. As such, governments from all corners of the globe attempt to implement new measures which encourages new businesses to grow and flourish.