Corporations Act 2001
CCH Note: Division 1 is modified by the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
Note: This Division applies to retail CCIVs with modifications: see Subdivision C of Division 4 of Part 8B.4 .
CCH Note: Section 301 is modified by the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
A company, registered scheme, registrable superannuation entity or disclosing entity must have the financial report for a financial year audited in accordance with Division 3 and obtain an auditor ' s report.
Small proprietary companies
301(2)
A small proprietary company ' s financial report for a financial year does not have to be audited if: (a) the report is required only because of:
(i) paragraph 292(2)(c) (about having CSF shareholders); or
(ii) a direction under section 293 ; or
(b) in a case where subparagraph (a)(i) or (iii) applies - as at the end of the financial year, the company has raised a total less than the CSF audit threshold from all the CSF offers it has ever made; and (c) in a case where subparagraph (a)(ii) or (iii) applies - the direction did not ask for the financial report to be audited.
(iii) both paragraph 292(2)(c) and a direction under section 293 ; and
Companies limited by guarantee
301(3)
A company limited by guarantee may have its financial report for a financial year reviewed, rather than audited, if: (a) the company is not one of the following:
(i) a Commonwealth company for the purposes of the Public Governance, Performance and Accountability Act 2013 ;
(ii) a subsidiary of a Commonwealth company for the purposes of that Act;
(b) one of the following is true:
(iii) a subsidiary of a corporate Commonwealth entity for the purposes of that Act; and
(i) the company is not required by the accounting standards to be included in consolidated financial statements and the revenue of the company for the financial year is less than $1 million;
(ii) the company is required by the accounting standards to be included in consolidated financial statements and the consolidated revenue of the consolidated entity for the financial year is less than $1 million.
301(4)
A small company limited by guarantee ' s financial report for a financial year does not have to be audited or reviewed if: (a) the report is prepared in response to a member direction under section 294A ; and (b) the direction does not ask for the audit or review.
301(5)
A company need not comply with subsection (1) if: (a) it is covered under section 738ZI at the end of the financial year mentioned in subsection (1) ; and (b) as at the end of that financial year, the company has raised less than $3 million from all CSF offers that it has made at any time.
Registrable superannuation entities
301(6)
The following reports relating to: (a) a registrable superannuation entity; and (b) a financial year;
may be set out in the same document:
(c) an auditor ' s report obtained by the entity under subsection (1) ; (d) an auditor ' s report provided in relation to the entity under a provision of the RSE licensee law.This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.