Corporations Act 2001

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.

A small proprietary company’s financial report for a financial year does not have to be audited if:

the report is required only because of:

paragraph 292(2)(c) (about having CSF shareholders); or

a direction under section 293; or

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

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

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:

the company is not one of the following:

a Commonwealth company for the purposes of the Public Governance, Performance and Accountability Act 2013;

a subsidiary of a Commonwealth company for the purposes of that Act;

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

one of the following is true:

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;

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:

the report is prepared in response to a member direction under section 294A; and

the direction does not ask for the audit or review.

A company need not comply with subsection (1) if:

it is covered under section 738ZI at the end of the financial year mentioned in subsection (1); and

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.

The following reports relating to:

a registrable superannuation entity; and

a financial year;

an auditor’s report obtained by the entity under subsection (1);

an auditor’s report provided in relation to the entity under a provision of the RSE licensee law.