Corporations Act 2001
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
(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.
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.
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.
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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