THE CORPORATIONS LAW

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)  [Audit]  

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.

301(2)  [Small proprietary company]  

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.