S.L. 372.33 Art. 6Audit exemption. Cap. 234.   Cap. 386.   Cap. 386.

(1) Without prejudice to the provisions of rules 3, 4

and 5 and save for companies registered under the Merchant Shipping Act:

(a) where a company registered in Malta benefits from an exemption in accordance with article 185(2) to the

Companies Act on the basis of satisfying two (2) of the three

(3) criteria establishing therein, the audit report requirements in connection with the records that shall be kept in accordance with article 19(4)(a) of the Act, shall also be deemed to have been discharged when a review report has been made;

(b) where a company registered in Malta benefits from an exemption in accordance with article 185(2) of the Companies Act on the basis of satisfying three (3) of the three

(3) criteria established therein, the audit report requirements in connection with the records which shall be kept in accordance with article 19(4)(a) of the Act, shall be deemed to have been discharged despite the absence of a statutory audit.

(2) When a company that is required to prepare consolidated accounts in accordance with the Companies Act, fulfils the criteria referred to in sub-rule (1), the treatment under paragraphs (a) or (b) of sub-rule (1) shall apply as long as the group of which it forms part continues to qualify as a small group in accordance with the criteria established in article 185(5) of the said Act.