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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 prepared in response to a direction under section 293; and


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

Companies limited by guarantee

301(3)  

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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
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(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)  

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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 $1 million from all CSF offers that it has made at any time.


 



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