CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL REPORTING  

Division 1 - Annual financial reports and directors' reports  

SECTION 301   AUDIT OF ANNUAL FINANCIAL REPORT  

301(1)  
A company, registered scheme 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

(iii) both paragraph 292(2)(c) and a direction under section 293 ; and


(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.

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;

(iii) a subsidiary of a corporate Commonwealth entity for the purposes of that Act; and


(b) one of the following is true:


(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.


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