Document ID: chunk:federal_register_of_legislation:C2025C00185:section:3
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 3
Character Range: 1023445–1025305

3                                                                                                                                             have the financial report audited and obtain auditor's report                                                             s. 301, 307, 308      A small proprietary company preparing a financial report because it has CSF shareholders only has to have an audit if it has raised a total equal to or exceeding the CSF audit threshold from CSF offers. A small proprietary company preparing a financial report in response to a shareholder direction under section 293 usually only has to have an audit if the direction asks for it.
                                                                                                                                                                                                                                                                                              There are similar rules for companies limited by guarantee (see section 285A for an overview).
                                                                                                                                                                                                                                                                                              Under s. 312, officers must assist the auditor in the conduct of the audit.
                                                                                                                                                                                                                                                                                              ASIC may use its exemption powers under s. 340 and 341 to relieve large proprietary companies from the audit requirements in appropriate cases (s. 342(2) and (3)).