Cut two parchment paper circles to fit in the bottom of two 9 inch cake pans and lightly butter or spray the parchment paper and the pan sides.
Combine the flour, sugar, cocoa, malted milk powder, baking soda, baking powder and salt in a large bowl.
Place the eggs in another large bowl and beat well. Add the milk, oil, and vanilla to the eggs and stir until combined.
Slowly add the boiling water and mix well.
Add the wet ingredients to the flour mixture and stir until smooth.
Pour half of the batter into each of the prepared pans and bake for 40 minutes or until the cake springs back when gently pressed in the center.
Remove the cakes from the pans, remove the parchment paper and place on wire reacks to cool.
Place the chocolate in a small microwave safe bowl and microwave on high heat for 1 minute, then stir. If the chocolate is not all melted, place it back in the microwave for 15 seconds at a time, stirring after each time, until it is comletely melted. Be careful not to let the chocolate start to bubble or it will burn and get gritty.
Place the butter and egg in a large bowl and beat with an electric mixer on medium speed for 2 minutes or until fluffy. Add the confectioner sugar, malted milk powder and melted chocolate and mix for 1 minute or until even in color. Add the vanilla, milk and salt and mix for 2 minutes or until fluffy.
To Assemble Cake:
Place 1 of the cooled cakes upside down on a serving platter and cover the top and sides with half of the frosting. Place the remaining frosting on the top and sides, blending the upper and lower portions of the sides as you go. Arrange the malted milk balls around the outside edge of the cake.