Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 301

Audit of annual financial report

             (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

             (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

             (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.

             (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.

             (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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