(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. (2) A small proprietary company's financial report for a financial year does not have to be audited if:

(a)

the report is prepared in response to a direction under section 293; and

(b)

the direction did not ask for the financial report to be audited.