SECTION 245 OF THE COMPANIES ACT 2016
1. A company, together with its directors and managers, shall ensure:
a. Timely keeping of accounting and other records to sufficiently explain the transactions and financial position of the Company and enable true and fair income statements and balance sheets and any documents required to be attached thereto to be prepared; and
b. Accounting and other records to be kept in a manner to enable them to be conveniently and properly audited.
2. The accounting and other records shall be recorded within 60 days of the completion of the transactions to which the entries relate.
- These records shall be retained for 7 years.
3. Accounting records shall be kept at the registered office of the Company or at such other place as the directors think fit.
- Records must at all times be open for inspection by the directors.
- If the records are kept outside Malaysia, upon request, they must be sent to and kept at a place in Malaysia and be made available for inspection by the directors at all times.
Section 245(9):
If the Company or any officer contravenes this section, they commit an offence and, upon conviction, shall be liable to:
- Fine not exceeding RM500,000, or
- Imprisonment for a term not exceeding 3 years, or both.