Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS, SUSTAINABILITY REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL AND SUSTAINABILITY REPORTING  

Division 1 - Annual financial reports, sustainability reports and directors ' reports  

Note: This Division applies to retail CCIVs with modifications: see Subdivision C of Division 4 of Part 8B.4 .

SECTION 301   AUDIT OF ANNUAL FINANCIAL REPORT  

301(1)    

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.

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 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

301(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.

301(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.

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 $3 million from all CSF offers that it has made at any time.

Registrable superannuation entities

301(6)    

The following reports relating to:

(a)    a registrable superannuation entity; and

(b)    a financial year;

may be set out in the same document:

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

(d)    an auditor ' s report provided in relation to the entity under a provision of the RSE licensee law.