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In 2025, Malta introduced an audit exemption framework under Legal Notice 139 of 2025, aimed at easing the regulatory and cost burden for Start-up entities and Micro Companies. While this change offers more flexibility and aligns the Companies Act with the Income Tax Act, it also raises an important question about when a full statutory audit may still be the most prudent option.
Following the introduction of the new audit exemption framework under Legal Notice 139 of 2025, many small undertakings in Malta are reassessing their statutory reporting obligations. While certain entities may now qualify for exemption from a full statutory audit, some still require a level of independent assurance over their financial statements. In this context, review engagements under ISRE 2400 (Revised) are increasingly being considered as an alternative to a full audit
Many Malta-based groups operate internationally through subsidiaries, SPVs, holding companies, or overseas operations. In such cases, businesses may be required to prepare consolidated financial statements, which often require an audit of the consolidated accounts.
