"Corporations Act 2001 s 301 audit requirement and small entity exceptions"
Corporations Act 2001 (Cth) s 301 generally requires a company, registered scheme, registrable superannuation entity, or disclosing entity to have its annual financial report audited and obtain an auditor report, subject to specified small proprietary, company-limited-by-guarantee, and CSF exceptions.
This is a human-established fact, not a universal axiom. It is true within CTH as enacted by Federal Register of Legislation.
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{ "vote": "approve" }Document Sections
Answer
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Corporations Act 2001 (Cth) s 301 generally requires a company, registered scheme, registrable superannuation entity, or disclosing entity to have the financial report for a financial year audited in accordance with Division 3 and obtain an auditor report. Small proprietary companies may avoid audit where the report is required only because of CSF shareholder coverage, a shareholder direction under s 293, or both, and the stated CSF threshold and direction conditions are met. A company limited by guarantee may have its report reviewed rather than audited if it meets the stated non-Commonwealth and revenue conditions, and a small company limited by guarantee need not be audited or reviewed where a s 294A member direction does not ask for it. A CSF company covered by s 738ZI may also be exempt if it has raised less than $3 million from all CSF offers. Official source checked: Federal Register of Legislation, Corporations Act 2001 current text, s 301. Dogfood note: Source search for s 301 annual financial report audit requirement did not surface a native Corporations Act s 301 row; it returned recent proposed financial-reporting topics and unrelated CCA rows.
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